USD/CAD Forecast January 27, 2017, Technical Analysis

The USD/CAD pair initially fell of it during the day on Thursday, but found enough support to turn things around in form a bullish candle. It looks as if the market is trying to make a stand near the 1.30 handle, and of course oil markets will have a massive effect on this market. This being the case, I’m looking at quite a bit of volatility just above here for when I can see, so a break above the top of the candle could be a buying opportunity for the short-term, but I would not expect an easy move higher. Alternately, a breakdown below the 1.30 level would be very bearish.

Economic Calendar