USD/CAD Forecast February 20, 2017, Technical Analysis

USD/CAD daily chart, February 20, 2017

The USD/CAD pair broke above the top of the hammer from the Thursday session during Friday, attempting to break out to the upside. If we can break above the top of the range for the Friday session, I think that the market will then reach towards the 1.32 level. On the other hand, we could pull back, and if we do the 1.3 level will be tested for support yet again. Oil markets are essentially going sideways and stagnant now, and that’s being seen over here and the USD/CAD currency pair as it is so sensitive to that market.

Written by FX Empire