USD/CAD Forecast June 6, 2016, Technical Analysis

The USD/CAD pair fell significantly during the course of the session on Friday, as the jobs number coming out of America was horrific. We ended up only adding 38,000 jobs during the month of May, and that of course is a significant bearish turn of events, so having said that there is more than enough support just below to keep this market somewhat afloat. Pay attention to the oil markets, they have quite a bit of influence on the Canadian dollar itself. The 1.28 level below being broken to the downside would be a reason to start selling. A supportive candle in this area could be a buying opportunity for short-term traders though.