USD/CAD Forecast February 8, 2017, Technical Analysis

The USD/CAD pair rallied during the day on Tuesday, breaking above the 1.31 handle again. In fact, we reached all the way to the 1.32 handle, and with the Crude Oil Inventories number coming out during the session today, it’s likely that this pair will be volatile again. I believe that the previous uptrend line is going to offer resistance, and that it is probably going to be a very choppy market. Quite frankly, I believe the next move depends on the inventory number coming out of the United States today. With this in mind, I’m going to wait to see how the session closes.