USD/CAD Forecast February 14, 2017, Technical Analysis

The USD/CAD pair initially tried to rally on Monday, but found enough resistance above the 1.31 level to turn around and form and exhaustive candle. It looks as if we will probably continue to drift a bit lower, perhaps reaching down to the 1.30 level. There’s a lot of support at that level, so I think it’s only a matter of time before the buyers get involved. However, if we can break down below the 1.2965 handle, then we are free to go even lower. If we can break above the top of the shooting star, that’s a very bullish sign.