USD/CAD Forecast August 26, 2016, Technical Analysis

The USD/CAD pair initially fell during the day on Thursday but turned right back around to form a bit of a hammer. The hammer of course is a very strong sign, and as a result we may continue to press up against the significant resistance above. The previous uptrend line could be resistive, but just beyond that I also have the 1.30 level offering resistance. In other words, even though there is quite a bit of bullish pressure here, there’s also quite a bit of bearish pressure as well. In other words, I’m going to simply sit on the sidelines and wait for clarity.