USD/CAD Forecast May 24, 2016, Technical Analysis

The USD/CAD pair did very little during the course of the day on Monday, as we continue to meander around the 1.31 handle. Quite frankly, it looks a little bit exhausted, so we could very well pullback. The 1.30 level below should continue to be supportive, so a pullback to that area and a supportive candle would be reason enough to start going long. A break above the top of the range for Monday would also be reason enough to start going long in this market. Remember that the oil markets have a massive influence on the value the Canadian dollar.