USD/CAD forecast for the week of August 7, 2015, Technical Analysis

The USD/CAD pair went back and forth during the course of the week, testing the 1.30 level for support. Ultimately, we feel that this market still has plenty of buying pressure underneath it anyways, because of the hammer that formed from the previous week, and the fact that we have broken out of a significant resistance barrier in the form of the 1.30 level that has long-term ramifications. On top of that, the oil markets are simply too soft to give any real strength to the Canadian dollar, so therefore we are buyers on a break out above the top of the range for the week or pullbacks and show signs of support.