The USD/CAD pair went back and forth on Monday, as we continue to see quite a bit of volatility in the oil markets. That obviously has a significant amount of influence on this market, and because of that I’m willing to sit on the sidelines for some clarity. Ultimately though, I do recognize that the uptrend line below should be massively supportive, so I do refer the upside. This will be especially true if the oil markets roll over, as it will put bearish pressure on the Canadian dollar. If we can break above the top of the range, I feel that the market will continue to reach towards the 1.35 handle.
- Crude Oil49.135+0.0250(+0.05%)
- Natural Gas3.2650+0.0220(+0.68%)
USD/CAD forecast for the week of March 1, 2017, Technical Analysis
The USD/CAD pair broke out during the week, clearing the 1.36 handle. This is a major development, and it now looks as if the market is going to continue to go much higher. I believe that the 1.40 level above will be targeted, and then eventually the 1.45 handle. If oil markets fall apart, that … Continue reading USD/CAD forecast for the week of March 1, 2017, Technical Analysis
USD/CAD Forecast May 1, 2017, Technical Analysis
The USD/CAD pair initially rally during the day on Friday, but found enough resistance at the 1.37 level to turn around and form a resistive looking candle. I believe that a market dropping from here will probably look for support at the 1.36 handle. Alternately, a supportive candle should be a buying opportunity, and the … Continue reading USD/CAD Forecast May 1, 2017, Technical Analysis
USD/CAD Daily Fundamental Forecast – April 28, 2017
The USDCAD pair finally seems to be free from the burden that was the 1.35 region for the pair and with the burden no longer there, it has been floating upwards over the last few days. The 1.35 region had been a very strong resistance for the pair over the last few months and we … Continue reading USD/CAD Daily Fundamental Forecast – April 28, 2017
USD/CAD Forecast April 28, 2017, Technical Analysis
The US dollar has been very volatile against the Canadian dollar during the Thursday session. Initially rallying due to the idea that the US could be leaving the NAFTA agreement, but then turning right back around as President Trump suggested that it wasn’t going to happen right away. Ultimately, oil started falling, and that put … Continue reading USD/CAD Forecast April 28, 2017, Technical Analysis
USD/CAD Daily Fundamental Forecast – April 27, 2017
The USDCAD pair has assumed a very volatile stance over the last few days as the news from the US seems to be coming in thick and fast with twists and turns almost on a daily basis and all this news seems to be affecting the CAD directly. In this mix, we have the weak … Continue reading USD/CAD Daily Fundamental Forecast – April 27, 2017
USD/CAD Forecast April 27, 2017, Technical Analysis
The USD/CAD pair initially tried to rally during the session but continues to find the 1.36 level to be far too resistive. Because of this, looks like we are to pull back a little bit as oil markets rallied. I think the 1.35 level underneath will be supportive, so I would look for buying opportunities … Continue reading USD/CAD Forecast April 27, 2017, Technical Analysis
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