USD/CAD Forecast January 16, 2017, Technical Analysis

The USD/CAD pair initially fell on Friday, but turned around to form a hammer just as we did on Thursday. If we can break above the top of the hammer from Thursday, I believe that the longer-term uptrend will continue, and we should reach towards the 1.35 handle above. Alternately, I believe that there is a lot of noise between here and the 1.30 level, so I’m not interested in selling until we break below there. Pay attention to oil, it has a massive influence on the Canadian dollar obviously, and that of course is a very choppy market now.

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