USD/CAD Forecast December 8, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the day on Wednesday but continued to drop a bit as it looks like we are going to reach towards the 1.32 handle now. This is an area where we have an uptrend line coinciding with an area that had previously been important, so given this pattern, I believe that we could bounce from there, and as a result I’m looking for some type of supportive candle in order to go long. If oil falls, that could only help this. If we break down and close below the 1.32 level, at that point I feel that the market will probably start dropping again.