USD/CAD Forecast February 6, 2017, Technical Analysis

The USD/CAD pair initially tried to rally during the day on Friday, but found enough resistance to turn things around and reach below the 1.30 level. If we can make a fresh, new low, then I believe the market will continue to go lower. If we can turn around a break above the top of the candle for the session on Friday, I think that’s a buying opportunity. Pay attention to the oil markets, they have a massive influence on the Canadian dollar and tend to work inversely from this currency pair.