USD/CAD Forecast June 16, 2016, Technical Analysis

The USD/CAD pair rose during the day on Wednesday, crashing into the 1.29 level. At this point in time, this is a pair that can be very volatile due to the fact that we get the Crude Oil Inventories number coming out on Wednesday and of course the FOMC Statement which at the time of writing has not been released. There is a lot of noise above here though, and I believe that the 1.30 level will cause quite a bit of resistance. Ultimately, looking for an exhaustive candle might be a nice trade, but at this point in time I don’t see it.

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