USD/CAD Forecast September 5, 2016, Technical Analysis

The USD/CAD pair broke down during the course of the day on Friday, after we got a less than anticipated jobs number. I had suggested during the video yesterday that if we broke down below the bottom of the 2 shooting stars, we should reach the 1.30 level. We have done that now, and now we have to see whether or not the support just below will hold. Pay attention the oil that will of course have an effect on this market as well. At that point though, I closed my position and am on the sidelines.

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