USD/CAD Forecast June 22, 2016, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Tuesday, and then turn right back around to form a bit of a hammer. That being the case it looks as if the market could bounce from here in order to fill the gap from the beginning of the week, but ultimately this is a market that looks very quiet as the oil markets have been relatively tame as well. Given enough time, we will have a significant move, but at this juncture I only see the possibility of a short-term move higher, which quite frankly probably isn’t going to be worth risking any money on.