USD/CAD Forecast July 4, 2016, Technical Analysis

The USD/CAD pair fell significantly during the day but gave back some of the losses before the day was done. At this point in time, it looks that we could drift a little lower but I’m not looking for anything major. Keep in mind that today is Independence Day in the United States, so liquidity will probably be an issue as well. However, I think there is plenty of support below, so I think this is just a general drift towards the 1.27 level, but even if we rally from here, I would not expect much of a move.