USD/CAD Forecast January 31, 2017, Technical Analysis

The US dollar initially tried to rally during the day on Monday, but turned around to form a rather negative candle. However, I see a significant amount of support at the 1.30 level underneath, so it’s not until we break down below there that I would be confident of selling this market for any great deal of time. Alternately, if we see a supportive candle in that area that could be a nice buying opportunity. Either way, I believe that the 1.30 level will be the most crucial level in this market. With Canadian GDP numbers coming out today, it might be best to wait until the end of the day to place the appropriate trade.

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