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USD/CAD forecast for the week of March 27, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Mar 25, 2017, 05:36 UTC

The USD/CAD pair fell during the week, but then turned around to form a hammer. I think we are trying to build up enough momentum to finally break above

USD/CAD weekly chart, March 27, 2017

The USD/CAD pair fell during the week, but then turned around to form a hammer. I think we are trying to build up enough momentum to finally break above the 1.35 handle, and of course the petroleum markets will have quite a bit of influence on this market. Once we finally get to the 1.36 level and clear it to the upside, I believe that the US dollar will have plenty of strength to continue going much higher. Ultimately, I have no interest in selling currently as the oil markets have so much bearish pressure.

USD/CAD Video 27.3.17

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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