USD/CAD Forecast March 23, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Tuesday, but turn right back around to form a bit of a shooting star. However, if we break above the top of that shooting star it would be a strong buy signal. As far selling is concerned, we are far too close to a major uptrend line, and as a result it’s difficult to start selling at this point in time. Ultimately, the market should follow what happens in the oil markets, so pay attention. If oil markets fall, that will give this market strength to go higher.