USD/CAD Forecast April 12, 2017, Technical Analysis

USD/CAD daily chart, April 12, 2017

The USD/CAD pair went back and forth during the day on Tuesday, testing the 1.33 region. The oil markets were extraordinarily volatile, and that was the main culprit of the currency pair being so choppy. The 1.33 level below continues to offer support, but if we break down below the 1.3250 level, I think the market will then go to the 1.31 handle. Alternately, if we can break above the top of the daily candle I feel that the market will then go to the 1.3450 level next. Expect choppiness, that’s been the norm recently.

Written by FX Empire