USD/CAD Forecast February 2, 2017, Technical Analysis

The US dollar rallied against the Canadian dollar during the day on Wednesday, testing the 1.30 level for support and finding it. If we can break above the top of the range for the day, we will more than likely reach towards the 1.32 handle. A breakdown below the 1.30 level would be negative, and especially so if we breakdown below the bottom of the Tuesday range. Pay attention oil, and has an inverse correlation to this pair, and of course always must be paid attention to when it comes to the Canadian dollar.