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. - The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.

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