USD/CAD Forecast May 17, 2016, Technical Analysis

The USD/CAD pair fell during the course of the session on Monday, as we continue to see quite a bit of resistance of the 1.30 level. That being the case, it’s likely that we will test significant support below at the 1.28 handle, and the volatility should continue. Short-term selling might be the way going forward, and at this point in time it’s likely that we will see it. However, it’s not can it be easy to trade this market, and you will have to pay attention to the oil markets. Presently, oil is rising so it’s likely that this pair continues lower over the longer term.