USD/CAD Forecast December 12, 2016, Technical Analysis

USD/CAD daily chart, December 12, 2016

The USD/CAD pair went back and forth on Friday, as we continue to drift around. We have the OPEC and non-OPEC countries meeting over the course of the weekend, to discuss some type of production cut. If we get that, I feel that the market will have to make its decision on the Canadian dollar. If we get a production cut, then that should push the value of oil higher, which should push this market lower. Alternately though, if they do not I feel that we will bounce and continue restores the 1.35 handle.

Written by FX Empire