USD/CAD Forecast November 3, 2016, Technical Analysis

The USD/CAD pair went back and forth during the day on Wednesday, as the market looks very exhausted at the moment. However, I would be the first one point out that there is quite a bit of support below, and of course the oil markets have been falling significantly which typically works against the value of the Canadian dollar. Ultimately, I believe that this market should then reach towards the 1.35 handle above, which has been massively resistive. At this point in time, when we pullback I think that the buyers will return and therefore a supportive candle is reason enough to go long.