USD/CAD Forecast May 20, 2016, Technical Analysis

The USD/CAD pair rose during the session on Thursday, breaking clear above the 1.30 level. This is an area that has been resistive, and now that we have broken above there, it looks likely that we could go higher from there. The 1.32 level above being broken would be a good signal to go long for longer-term moves. The market will have to break below the 1.28 handle in order for us to start selling. The price of oil will of course have a large effect on the value of the Canadian dollar.