USD/CAD Forecast October 5, 2016, Technical Analysis

The USD/CAD pair broke above the top of the hammer from the previous session on Tuesday, slamming into the 1.32 handle. This is an area that offers quite a bit of resistance but with the Crude Oil Inventories number coming out today, we could get a move in oil that could send this market higher. Nonetheless, I do not have any interest in placing a significant trade at this point in time, at least not until we break above the resistance and recent highs from last week. Pullback should offer buying opportunities though.