USD/CAD Forecast June 17, 2016, Technical Analysis

There was a massive amount of bullish pressure in this pair during the day on Thursday, but turn right back around to get back almost all of those gains as we reached above the 1.30 level substantially. That being the case, you have to think that a break down below the bottom of the range for the day on Thursday would be extraordinarily bearish and should send this market much lower. However, with all of the volatility it’s hard to tell what’s going to happen next. And as a result it seems likely that short-term traders will probably be attracted to all of this volatility.