USD/CAD Forecast July 21, 2016, Technical Analysis

The USD/CAD pair initially rose during the course of the day but ended up turning around to form a shooting star. This coincides nicely with the oil markets falling and then bouncing. With this, the market looks as if it is ready to grind a little bit lower from here, but it seems that the lows are getting higher over time, so this pullback that looks likely to happen will more than likely end up being a nice buying opportunity. We are simply building up enough momentum to finally break above the 1.3150 level in the longer-term as far as I can tell.