USD/CAD Forecast February 17, 2017, Technical Analysis

The USD/CAD pair fell a bit during the day on Thursday, testing the 1.30 level. That is an area that has offered quite a bit of support in the past, and it looks as if it is doing the same now. There’s a significant amount of resistance of the 1.31 level above, so I think we’re going to continue to consolidate in this range. Oil markets are essentially directionless now, and that makes sense that we would see very similar trading in this pair. Eventually though, if we can break above the top of the shooting star from the Wednesday session, we should then go to the 1.32 level. A breakdown below the 1.2967 level census market much lower.