USD/CAD Forecast August 22, 2016, Technical Analysis

The USD/CAD pair rallied during the course of the session on Friday, showing the very explosive move to the upside. It now looks as if we could very well try to reach towards the previous uptrend line that had kept the market going higher. However, you have to keep in mind that there is a significant amount of resistance above, so I’m not convinced to start buying quite yet. We will have to see the oil markets fall rather significantly to break back above the 1.30 level, which is what I need to see in order to start going long again.