USD/CAD Forecast June 7, 2016, Technical Analysis

The USD/CAD pair fell significantly during the course of the day on Monday, as the 1.2850 level below is massively supportive. Pay attention to what we see next, but oil markets will have a great influence in this market. If we can break out to the upside in the oil markets, this pair will continue to go lower. Having said that, it is possible to get a bit of a bounce here but I believe at this point in time is probably more bearish pressure than bullish, especially considering that the jobs number in America looked so bad.