USD/CAD Forecast August 3, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Friday, but broken well above the 1.30 level in order to continue going higher. In fact, it looks like if we can get above the 1.31 handle, this market should continue to go to the 1.35 level. Ultimately, pullbacks should continue to be buying opportunities, as the 1.28 level is essentially the “floor” in this market. With this, we are buyers and on top of that we recognize that the oil markets falling apart will work against the value the Canadian dollar as well.