USD/CAD Forecast May 31, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Monday, but with the Americans away at Memorial Day, the reality is that there wouldn’t have been much liquidity in this marketplace as it tends to see most of the volume coming out of North America. The 1.30 level will of course attract a lot of attention, and as a result we have no interest whatsoever in trading this market at this point in time. However, we will continue to monitor this market for opportunities going forward as we have seen quite a bit of bullishness.