USD/CAD Forecast October 18, 2016, Technical Analysis

The USD/CAD pair went back and forth during the course of the day on Monday, testing the 1.32 level above for resistance. That’s an area where the market has reacted several times, and the fact that we turned right back around to form a shooting star suggests that we may try to go little bit lower. I still think there is plenty of support just below, and at various different levels. I also recognize that there is a bit of a “floor” at the 1.30 level as well. With this being the case, I believe that the market is going to be very noisy and therefore we should probably stay on the sidelines.

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