USD/CAD Forecast July 22, 2016, Technical Analysis

The US dollar initially fell against the Canadian dollar during the day on Thursday but turned around to form a bit of a hammer. The hammer suggests that we are going to go higher from here but I do recognize that there is a significant amount of resistance at the 1.3150 region. Once we can get above there, the market should continue to go much higher, and with that being the case a pullback should represent value that you can take advantage of. The 1.30 level below could be supportive, but I also believe that just below there we should see plenty of support as well.