USD/CAD Forecast February 4, 2016, Technical Analysis

The USD/CAD pair fell rather significantly during the course of the day on Wednesday, slicing through the 1.40 level. The market is currently testing the 1.38 level as we write this, and the end of the day we believe that this market will more than likely continue to go much lower, perhaps reaching towards the 1.35 level given enough time. Ultimately, we believe that this market will find buyers, just simply because there are a lot of concerns around the world right now as far as economic announcements are concerned. Ultimately, the US dollar will be bought for safety.