USD/CAD Forecast January 12, 2017, Technical Analysis

The USD/CAD pair tried to rally on Wednesday again, but again found quite a bit of resistance above. Part of this would’ve been due to the volatility in the oil market, and it now looks as if we will continue to find choppiness. I believe that the previous uptrend line still offers quite a bit of support, so if we can break above the top of the shooting star that formed on Wednesday, the buyers should overwhelm the market and reach towards the 1.35 handle. A break down below the 1.31 handle house the market reaching towards the 1.30 level under that.