USD/CAD Forecast April 18, 2017, Technical Analysis

The USD/CAD pair fell during the day on Monday, as we go looking for the 1.3150 level underneath. That’s an area that has been supportive recently, so a break below the bottom of the Friday session would be very bearish. Alternately, we could have a bounce in that area that could present a buying opportunity. It is because of this that I believe we are about to make a significant decision in the market. Keep in mind that the oil markets are highly influential, as the Canadian dollar is a proxy for that market.