USD/CAD Forecast October 19, 2016, Technical Analysis

The USD/CAD pair fell initially during the course of the day but then turn right back around to form a bit of a hammer. By doing so, looks as if we are ready to start bouncing from here, reaching towards the 1.3200 level. Ultimately, if we can break above the 1.32 level, we will go higher. At this point in time, there is a massive “floor” down at the 1.30 level below. I am a buyer and not a seller, but I also recognize that it is going to be very choppy going forward.