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USD/CAD Forecast April 20, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Apr 20, 2017, 04:09 UTC

The USD/CAD pair broke higher during the day after oil markets tumbled. The 1.35 level should be resistance, but I think we will break above it given

USD/CAD daily chart, April 20, 2017

The USD/CAD pair broke higher during the day after oil markets tumbled. The 1.35 level should be resistance, but I think we will break above it given enough time. If we can break above there, we will then test the 1.36 handle and they move above there really gets the ball rolling. At that point, I think it becomes a “buy-and-hold” type of trade. Pullbacks should be buying opportunities, but not until we break above the 1.35 handle. Ultimately, this is a market that that should continue to be volatile due to oil.

USD/CAD Video 20.4.17

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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