USD/CAD Forecast September 1, 2015, Technical Analysis

The USD/CAD pair initially tried to rally during the day on Monday, but as oil markets continue to go higher, so this pair fell. So with this it appears that the market is ready to drop but we think there’s significant amount of support near the 1.30 level. With that, we are simply waiting for supportive candle in order to start going long again. Even though the oil markets have a great influence on the Canadian dollar, the Canadian economy itself is in exactly strong so it would make sense that this uptrend continues unless of course we get some type of super spike in the petroleum complex.