USD/CAD Forecast June 9, 2016, Technical Analysis

The USD/CAD pair fell rather drastically during the day on Wednesday as oil markets broke out finally. Because of this, the US dollar should continue to fall against the Canadian dollar, as we reach towards the 1.25 level. Be aware of what’s going on in the oil markets, they of course will have a massive effect on this particular pair, but at this point in time you have to think that the sellers are very much in control, and that will continue to be the case as long as we continue to see strength in the petroleum markets.