USD/CAD Forecast April 11, 2017, Technical Analysis

USD/CAD daily chart, April 11, 2017

The US dollar went back and forth on Monday, as we continue to chop around the consolidation area that the market has been trading in for several weeks. I still believe that the US dollar has plenty of bullish pressure underneath, but oil markets are making this trade a bit difficult. I still have a target of 1.35, but we need to see support of candles and better yet, a short-term impulsive green candle, to start taking that trade. If we break down below the 1.3250 level, we then will fall farther.

Written by FX Empire