USD/CAD Forecast April 7, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Wednesday, but turned back around to form a bit of an exhaustive candle. Because of this, looks as if the market is going to continue to struggle, and you have to pay attention oil markets as well. Ultimately though, oil tends to affect the Canadian dollar overall, so if we can get a strong move in that market, this pair will move in the opposite direction. Keep in mind that the 1.30 level below is massively supportive, so we need to pay attention to that for potential bounces as well.