USD/CAD Forecast February 7, 2017, Technical Analysis

The US dollar rallied against the Canadian dollar during the session on Monday, slicing through the 1.31 handle. Because of this move, I believe that the US dollar will continue to pick up against the Canadian dollar at least in the short term, so I’m a buyer. I recognize that the blue box on my chart represents massive support, and if we break down below there, things get ugly very quickly for the US dollar. I expect this to be a very volatile market, but ultimately, I still prefer the Greenback over the Loonie.