USD/CAD Forecast January 17, 2017, Technical Analysis

The USD/CAD pair rallied a bit during the day on Monday, but remains below the uptrend line that we have recently formed. A break above the top of the hammer on Friday would have us going long, as it would be a significant moved to go higher. The oil markets of course have quite a bit of influence on the Canadian dollar, and thus you should pay attention to that market also. A breakdown below the bottom of a hammer would be a very negative sign and send this market much lower.