USD/CAD Forecast February 16, 2017, Technical Analysis

The USD/CAD pair initially tried to rally during the day on Wednesday, but found the 1.31 level to be a bit too resistive. We turned around, and I believe this signifies that we’re going to bounce around between the 1.30 level on the bottom, and the 1.31 level above. Because of this, expect short-term choppiness and short-term back for trading at best. Oil markets have gone to sleep, so that should have a similar effect in this currency pair as it is so highly sensitive to that market. Short-term trades are as good as it gets currently.