USD/CAD Forecast June 20, 2016, Technical Analysis

The USD/CAD pair fell initially during the course of the session on Friday, but turn right back around to form a hammer. There is a shooting star from the Thursday session, so having said that it looks as if the downward pressure still continues. If we break down below the bottom of the candle from the Friday session, I believe that the market will continue to go lower and perhaps reach towards the 1.2650 level from here. Pay attention to oil, it has quite a bit of an influence when it comes to the Canadian dollar.

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