USD/CAD Forecast February 22, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Friday but turned back around in order to form a shooting star. Because of this, it does not look like market is ready to go higher, but if we broke above the top of the shooting star we would be a buyer. Regardless, we think there is a significant amount support down at the 1.35 handle, so we are looking for supportive candle in that area to start buying. We don’t necessarily want to sell this market, because quite frankly the oil markets are looking very soft at this point in time.