USD/CAD Forecast January 13, 2017, Technical Analysis

The USD/CAD pair fell hard on Thursday, reaching all the way down towards the 1.30 handle. However, the market turned right back around to form a massive hammer. If we can break above the top of the hammer, that would be an extraordinarily bullish sign and we would more than likely bounce from there. Alternately, if we break down below the 1.30 level, the market will be very bearish at that point. No matter what happens, this market will be extraordinarily choppy and volatile, mainly because of all the uncertainty in the oil markets.