USD/CAD Forecast June 27, 2016, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Friday, breaking above the 1.30 level at one point. We did find quite a bit of resistance above there though, so having said that it looks as if we are simply going to continue to consolidate in general as this market has been stuck in a range for some time. The candle of course is fairly strong, but the fact that we have the large handle causing so much resistance tells me that the market isn’t quite ready to go in one direction or the other.