USD/CAD Forecast August 29, 2016, Technical Analysis

The USD/CAD pair initially fell during the course of the day on Friday, but turned around and form a hammer yet again. I believe that this market is trying to build up enough momentum to finally break out to the upside, but at this point I would need see a daily close well above the 1.30 level, coinciding with a fall in the oil markets which is something that we are not getting at the moment. Because of this, I think that volatility will be the main feature of this market, and caution should be applied.

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