USD/CAD Forecast February 3, 2016, Technical Analysis

The USD/CAD pair tried to rally during the course of the session on Tuesday, but turned back around to form a bit of a shooting star. That being the case, the market looks as if it is trying to fall but we see the 1.38 level below as the bottom of a big supportive section and should continue to keep the buyers in charge. If we can break above the top of the shooting star for the day though, that would be reason enough for us to start going long as the overall tone of the Canadian dollar is certainly soft.