USD/CAD Forecast December 5, 2016, Technical Analysis

The USD/CAD pair fell on Friday at the beginning of the day, but as we went into the afternoon during North American trading, the market turned around to form a supportive looking hammer. Because of this, it’s very likely that we will turn around and start going higher from here. This will be especially true if oil rolls over. Given enough time, it’s likely that we will see a lot of choppiness in this market. I believe a move towards the 1.35 level will happen on a break above the top of the hammer.