USD/CAD Forecast January 2, 2015, Technical Analysis

The USD/CAD pair fell during the course of the session on Wednesday, but found enough support below the 1.16 level to turn things back around and form a hammer. With that being the case, it appears of the market could continue to go higher from here, and a break above the top the hammer would in fact been assigned to start buying. We also believe that there is a significant amount of support down at the 1.15 level below, and as a result we feel that this market can only be bought, and therefore we have no interest in selling at all.