USD/CAD Forecast October 20, 2016, Technical Analysis

The USD/CAD pair broke down during the course of the session on Wednesday, but found enough support near the 1.30 level below to turn things back around and form a massive hammer. Because of this, it looks as if the US dollar will continue to find buyers going forward, but it is going to be fairly choppy market. Expect quite a bit of resistance of the 1.32 level though, but I do think that we will break above it yet again. At that point, the market looks like it would try to reach the 1.33 handle ultimately.