USD/CAD Forecast December 9, 2016, Technical Analysis

The USD/CAD pair fell after initially trying to rally on Thursday, forming a relatively suspect looking candle at the 1.32 level. This is an area that has quite a bit of support based upon a previous uptrend line, so a break down below the 1.32 level should send this market much lower. Alternately, if we can break above the top of the range for the session on Thursday, this market should continue to go higher, perhaps reaching towards the 1.3350 level. If we can break above there, the market should continue to go higher, perhaps even reaching towards the 1.35 level.