USD/CAD Forecast December 20, 2016, Technical Analysis

USD/CAD daily chart, December 20, 2016

The USD/CAD pair initially dipped on Monday, but then turned around to reach towards the 1.34 handle. A break above there would send this market reaching towards the 1.35 handle, which is a massive resistive barrier, but I think there’s a lot of noise between here and there. A pullback from here should offer value, especially if the oil markets continue to look a little bit suspicious. I think at this point in time, there is an uptrend line below that should continue to keep this market going higher over the longer term as well.

Written by FX Empire