USD/CAD Forecast April 6, 2017, Technical Analysis

The USD/CAD pair initially fell during the Wednesday trading session, but turned around to form a bullish candle as the oil inventory number out of the United States was worse than expected. Ultimately, it looks as if the market will probably try to reach the 1.35 handle, which has been resistance in the past. If we break down below the bottom of the Tuesday candle, that would be a negative sign, sending this market looking for the 1.33 level below which had been so supportive. With this, expect plenty of volatility but that’s been the case for several weeks.