USD/CAD Forecast August 4, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Wednesday, but turned back around to form a bit of a shooting star. There is a massive amount of support below though, especially near the 1.30 level below. At this point in time, the market will more than likely find buyers below, so a supportive candle is more than likely going to be the trigger to start buying again. On the other hand, we could very well break above the top of the shooting star for the session on Wednesday, which of course is a very bullish sign as well.