USD/CAD Forecast January 19, 2017, Technical Analysis

The USD/CAD pair rallied on Wednesday, as the 1.30 level should continue to be supportive. If we bounce from here, I think it’s only a matter of time before the sellers get involved again. Alternately though, if we can break above the previous uptrend line, I feel that the market will go higher. I am starting to see cracks in the armor of the oil market, so it’s likely that we could see a bit of influence from over there. If we fall apart in the oil market, that might give us a chance to go much higher. A breakdown below the 1.30 level would be very negative.