USD/CAD Forecast December 19, 2016, Technical Analysis

USD/CAD daily chart, December 19, 2016

The USD/CAD pair initially tried to rally on Friday but gave back some of the gains in order to form something akin to a shooting star. I think we are going to roll over from here but there should be plenty of buying pressure underneath. Pay attention oil, because if it does start to roll over that should send this market higher. There is a bit of resistance just above, so makes sense we may have to pullback in order to build up enough momentum to break above the 1.35 level as it looks so congested.

Written by FX Empire