USD/CAD Forecast April 15, 2016, Technical Analysis

The USD/CAD pair went back and forth during the course of the session on Thursday, as we continue to see quite a bit of volatility in this region. This is probably due to the fact that we have the oil production meeting in Qatar over the weekend, and of course the Canadian dollar is a proxy for oil pricing. It looks as if we are going to try to bouncer here, and if we do the 1.30 level above will be massively resistive. If we break above there, the market could go much higher. On the other hand, if we end up forming a resistive or exhaustive candle, we could start selling off.