USD/CAD Forecast July 12, 2016, Technical Analysis

The USD/CAD pair broke higher during the day on Monday, as we continue to see bullish pressure in this market. Oil markets look a little bit soft at this point in time, and as a result I believe that the Canadian dollar will continue to soften as well. If we can break above the 1.32 level, I feel that this market should continue to go much higher. I think pullbacks will find plenty of support near the 1.29 level, so at this point in time it is a choppy move higher, but it does look like it is ready to happen.