USD/CAD Forecast February 3, 2017, Technical Analysis

The USD/CAD pair fell initially on Thursday, but found enough support underneath the 1.30 level to form a hammer. This makes quite a bit of sense, because we the jobs number coming out today and it would make for reckless trading to put too much money into the marketplace ahead of an announcement like that. Because of this, I believe that we will continue to chop around just above the 1.30 level and to we get more clarity on both the oil market and the jobs situation. Because of this, I’m going to stand on the sidelines until after the day finishes, which I suspect could give us much more clarity.