USD/CAD Forecast February 9, 2016, Technical Analysis

The USD/CAD pair had a back-and-forth type of session during the day on Monday, as we tested the 1.40 level. That area offered enough resistance to turn the market back around and form a somewhat weak looking candle. If we can break down below the bottom of the range for the session, we will more than likely try to reach towards the 1.37 level again. On the other hand, if we managed to break above the 1.40 level, the market should continue to go much higher. Pay attention to the oil markets, this pair should do the exact opposite.