USD/CAD Forecast Today 17/01: Bullish Choppy Trading (Video)

(MENAFN- Daily Forex)

• The US dollar rallied fairly significantly during the trading session on Thursday, but you can see we are giving back a little bit at the end of the session.
• So, I think what this tells me is that we are just essentially just kind of going back and forth.
• We do favor buying the US dollar on dips though. I think the market continues to look at this situation as such because quite frankly, the Canadian Parliament is not in any shape to negotiate with Donald Trump, and that is one of the big issues at the moment.

So, with that being said, I think you have to recognize that this is a market that will continue to be short-term, choppy, but longer term, we're going to be focusing on that 1.45 level.

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If we could get the 1.45 level in the rear view mirror and break above there, it's very likely that the US dollar will trade to the 1.4750 level. On a pullback at this point, I would anticipate that the 1.42 level underneath could be an area that could offer massive support.

Short-Term Focus in this Pair

Ultimately, I think you have to look at this at the margins as a market that you're looking for short-term cheap US dollars to pick up and then take advantage of. It really wouldn't take much of an imagination to look at this and recognize that perhaps what we're doing is building a bullish flag. The oil prices in Canada, of course, are helping, but really that's not against the US dollar. That's more like a Canadian dollar against other currencies things. So, with that being said, I think you have to look at this as a market that remains very bullish, and you're just looking for opportunities to pick up the dip.

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