USD/CAD Forecast October 16, 2015, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Thursday, but fell significantly after that. That being the case, the market looks as if it is going to reach towards the 1.28 handle. That is the bottom of the support region that extends from there all the way to the 1.30 handle. If we can break down below the 1.28 handle, the market should continue to go much lower. On the other hand, if we get some type of supportive candle in this general vicinity, that could be an excellent buying opportunity as the market has been so oversold recently.