USD/CAD Forecast November 8, 2016, Technical Analysis

The USD/CAD pair gapped lower at the open on Monday, and then turned around to fill that gap. By doing so, we found quite a bit of resistance, and turned around yet again to form an exhaustive candle. I believe that given enough time we will try to break down from here as we are a bit overextended. The US presidential election today will of course be a major influence on what happens next, so ultimately I believe that the currency pairs will be fairly quiet until the election results are announce.