USD/CAD Forecast November 4, 2015, Technical Analysis

The USD/CAD pair tried to rally during the course of the day on Tuesday, but found far too much resistance in the way of the 1.3150 handle. Because of this, we feel that the markets probably to reach back down towards the 1.30 level, offering a short-term selling opportunity. However, we recognize that there is a significant amount of support below, and it’s probably only a matter of time before the buyers return. With this, we are short-term sellers, but looking for supportive daily candles in order to start buying again, as we have seen quite a bit of volatility.