USD/CAD Forecast April 28, 2016, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Wednesday, but found enough support to turn things back around and form something akin to a hammer. With this being the case, it’s likely that a bounce could occur, but there is a massive amount of downward pressure all the way up to the 1.30 level, and with that being the case we are simply looking for some type of exhaustive candle, or break down below the bottom of the hammer in order to start selling yet again in an extraordinarily bearish market.