USD/CAD Forecast March 10, 2016, Technical Analysis

The USD/CAD pair broke down during the day on Wednesday, slicing through the bottom half of a hammer that could have turned the market completely around. We will have to see what happens with the oil next, but most certainly this is a bit of a surprise as we had such a strong buying signal. Because of this, the market should continue to show bearish pressure, so the market should swing down to the 1.30 level next. Selling opportunities could present themselves based upon exhaustive candles, and as a result it’s going to be very difficult to buy this market anytime soon.