USD/CAD Forecast February 9, 2017, Technical Analysis

The US dollar fell a bit against the Canadian dollar, but still has a significant amount of support just below current trading levels. Because of this, I believe that it is only a matter of time before the buyers come back and support this market to go higher. The 1.33 level above should be resistive, but I also believe that the 1.31 level and of course the 1.30 level underneath will be supportive. Because of this, I believe that we are going to form a bit of a slow grind to the upside.