USD/CAD Forecast January 5, 2017, Technical Analysis

The US dollar fell against the Canadian dollar, slicing through the 1.34 support barrier. When it up forming a very negative looking candle, and it suggests that we are going to continue to go bit lower. I do see a significant uptrend line just below though, so I think the negativity will probably be short-lived. Given enough time, we could see a bounce, and the jobs number might be the catalyst for that to happen. Ultimately, I think that the uptrend is still alive, just that we are taking a bit of a break because of the psychologically important 1.35 handle.