USD/CAD Forecast September 8, 2016, Technical Analysis

The USD/CAD pair bounced during the course of the day on Wednesday, showing little bits of life, but at this point in time this is most certainly a very negative market overall, as the 1.30 level above continues to be an area of fighting. If we can break down below the bottom of the candle during the course of the day on Wednesday, the market should continue to drop. On entering, if we rally at this point in time and form an exhaustive candle, that’s reason to sell as well. Keep in mind that the Canadians have an interest rate announcement today, so that of course will be massively influential as to what happens next.

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