USD/CAD Forecast April 3, 2017, Technical Analysis

The USD/CAD pair initially tried to rally during the day but turned around and broke towards the 1.33 level underneath. The oil markets continue to show signs of strength, and that makes quite a bit of sense as we get above the $50 handle in that market. If the oil markets continue to strengthen, I think we will break down below this area and then reach towards the 1.3150 level underneath. Alternately, if we form a supportive candle we could reach towards the 1.34 handle, coinciding with oil selling off if it happens.