USD/CAD Forecast January 20, 2017, Technical Analysis

The USD/CAD pair broke out to the upside, slicing through the previous uptrend. The massive green candle suggests that we are going to continue to see quite a bit of volatility. If we can break above the top of the candle for the session on Thursday, the market should continue to go higher. Pullbacks could happen, but after this impulsive candle, I believe that the longer-term uptrend is about to continue, but the volatility should be rather strong, so you’re going to have to deal with that type of trading environment over the next several sessions.