USD/CAD Forecast February 1, 2017, Technical Analysis

The US dollar sliced through the 1.30 level against the Canadian dollar during the session on Tuesday, but bounced enough to show signs of life. However, today we get the Crude Oil Inventories announcements coming out of the United States, and that of course can have a massive amount of influence on the Canadian dollar. If the pair breaks down below the bottom of the candle for the session on Tuesday, then I believe that we continue to drop. On the other hand, a bounce from here will more than likely reach towards the 1.3250 level above.