USD/CAD Forecast August 11, 2016, Technical Analysis

The USD/CAD pair fell rather significantly during the course of the session on Wednesday, testing the 1.30 level. This is an area that offers quite a bit of support, so the fact that we bounced from there isn’t much of a surprise. With this, I believe that we will sooner or later find enough buying pressure, but if we do break down below the 1.30 level with a significant move, that could send this market back down to the lower levels previously seen. Ultimately, this is a market that should continue to be very volatile in the short-term.

Economic Calendar