USD/CAD Forecast October 11, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the day on Monday, but then fell rather significantly as Vladimir Putin suggested that Russia may cut back production of petroleum going forward to help OPEC. However, we still have plenty of support just below so I think given enough time we will get a supportive candle that we can start buying again. Until then, I’m on the sidelines waiting for something like a hammer or an impulsive green candle to start taking advantage of. With that being the case, I am being patient, but I am still very much bullish.

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