USD/CAD Forecast May 16, 2016, Technical Analysis

The USD/CAD pair broke higher during the course of the session on Friday, clearing the top of the Thursday hammer. With this being the case, looks as if we are reaching towards the 1.30 level, and as a result we could run into a little bit of trouble. However, if we break above the 1.30 handle, the market should continue to go higher and reach towards the 1.32 handle. On the other hand, if we break down below the bottom of the hammer from the Thursday session, we should continue to go much lower.

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