USD/CAD Forecast February 15, 2017, Technical Analysis

The USD/CAD pair fell initially during the day on Tuesday but found enough bullish pressure to turn around and form a hammer like candle. If we can break above the shooting star from the Monday session, I feel that the market will probably reach towards the 1.32 handle. There is a massive amount of support below the 1.30 level, so I don’t have any interest in trying to short this market. I believe that eventually we should make a longer-term decision, but right now looks like a bounce is probably the most likely move.