USD/CAD Forecast May 5, 2016, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Wednesday, as it looks like we are ready to try to reach towards the 1.30 level. This is an area that should be massively resistive though, but the interesting thing about this area is that if we break above it, the longer-term uptrend should continue. At this point, it looks like there is plenty of buying pressure so we could see buyers reenter this market on short-term dips. Pay attention oil that of course will have quite a bit of influence as well.