USD/CAD Forecast October 17, 2016, Technical Analysis

The USD/CAD pair fell rather significantly during the day on Friday, breaking down to the 1.31 level below. Ultimately, we have to see whether or not we get a supportive candle, and if we get that, I believe that the buyers will continue to jump into this market. We have been grinding higher over the longer term, and if the oil markets fall, it’s likely that the USD/CAD pair will grind higher. At this point in time though, I do not have the right supportive candle to start buying. The support below is all over the place, so I have no interest in selling.

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