USD/CAD Forecast April 5, 2016, Technical Analysis

The USD/CAD pair went back and forth during the course of the session on Monday, as we continue to bounce upon the 1.30 level. We have a massive uptrend line just below though, so with that it’s very likely that the buyers will return sooner or later. However, keep in mind that the Canadian dollar is heavily influenced by the oil markets at times, and that of course can greatly influence what happens here. Oil falls, this market will rise. The other hand though, a rally in oil could be enough to make the market break down through support.