USD/CAD Forecast May 4, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Wednesday, 04 May 2016 06:03 UTC
The USD/CAD pair initially fell during the course of the session on Tuesday, but found enough support below the 1.25 level to turn things around and form a rather positive candle. This engulfing candle should signal that the market is trying to change trends, but we obviously have to worry about oil as well. With that being the case, we could very well continue to bounce higher, and would expected do so once we break the top of the range for the session on Tuesday. However, there is still a lot of bearish pressure, so this would be a short-term move.

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