USD/CAD Forecast May 23, 2016, Technical Analysis

The USD/CAD pair rose during the course of the session on Friday, as we continue to see gains in the US dollar. However, there is a bit of a barrier at the 1.32 level, so having said that it will probably be volatile. Remember that the Canadian dollar is highly influenced by the oil markets, so pay attention to them as well. If oil rises, typically this pair does as well. The 1.30 level should offer support though, so when we pullback is very likely that buyers will return to this market and any signs of support would be thought of as value.