USD/CAD Forecast February 13, 2017, Technical Analysis

The USD/CAD pair broke down during the day on Friday, slicing through the 1.31 handle. The weekly candle looks a bit soft as well, so I think we are going to reach towards the 1.30 level underneath which is massive support. That support being broken to the bottom would be very negative for this market. Essentially, we make a fresh new low, the market should then continue to drop towards the 1.28 handle. Somewhere close to the 1.30 level if we get a supportive candle I might be convinced to buy, but right now it looks like the sellers are running the show.

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