USD/CAD Forecast August 16, 2016, Technical Analysis

The USD/CAD pair fell rather significantly during the course of the session on Monday, but once the Americans came back they did attempt to push this market higher. With this being the case, the market breaking above the 1.30 level would be rather significant, and a sign that the US sellers starting to strengthen again. I believe that you will have to watch the oil market, but quite frankly I’m not willing to buy this market until we reach above the 1.30 handle. Once we do, I think we will reach towards the 1.32 level yet again.