USD/CAD Forecast June 23, 2016, Technical Analysis

The USD/CAD pair initially fell during the day on Wednesday but turned right back around to form a bit of a hammer. The 1.28 level seems to be somewhat supportive, and there is a gap at the beginning of the week that has yet to be filled. With oil markets softening a bit, we could see a little bit of a bounce in this market as well as a run to the US dollar due to concerns about the EU referendum vote coming out of the United Kingdom. Because of this, there will be a lot of volatility and typically that benefits the US dollar.