USD/CAD Forecast June 24, 2016, Technical Analysis

The USD/CAD pair initially fell during the course of the day but turned around and bounced enough to form a nice-looking hammer. That of course is a very bullish sign, and as a result it looks as if the buyers will come back into this market and push to reach towards the 1.30 level above. On entering, if we break down below the 1.2650 level, that would be a very negative sign. This is a market that will continue to be somewhat volatile, but at the end of the day the hammer of course is a very bullish sign.