USD/CAD Forecast January 9, 2017, Technical Analysis

The USD/CAD pair initially fell on Friday, but found enough support underneath to turn around and form a hammer. The hammer of course is a very bullish sign and the fact that we are forming it right above an uptrend line tells me that the market is ready to turn around. If oil markets surges sell off, that will accelerate the move higher, and could be a nice opportunity to ride the wave all the way to the 1.35 handle above. A break below the uptrend line on the other hand would be a very negative sign.