USD/CAD Forecast August 23, 2016, Technical Analysis

The USD/CAD pair rose during the course the day on Monday, but started the fell a bit at the uptrend line that had recently been broken. I also recognize the 1.30 level above as being resistive as well, so I’m waiting to see whether or not we have an exhaustive candle in order to start selling again. This would have to coincide with oil markets rising though, so I’m waiting to see all of the things happen in order to start selling. Ultimately, if we get a daily close well above the 1.30 level, and oil continues to fall, then I would be willing to start buying.