USD/CAD Forecast May 1, 2017, Technical Analysis

The USD/CAD pair initially rally during the day on Friday, but found enough resistance at the 1.37 level to turn around and form a resistive looking candle. I believe that a market dropping from here will probably look for support at the 1.36 handle. Alternately, a supportive candle should be a buying opportunity, and the Canadian dollar has most certainly been pummeled due to the oil markets falling. If the oil markets continue to weaken, I believe that the pair will continue to go higher. I don’t have any interest in shorting currently.