USD/CAD Forecast January 9, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the day on Thursday, but found support at the 1.18 level to turn things back around and form a little bit of a hammer. This hammer of course suggests that we are going to go higher, but we had a shooting star the previous session. But the United States and Canada release their employment numbers during the session today, so recognize that this will be extraordinarily volatile pair. Ultimately, we believe the pullbacks offer buying opportunities, and that this market will probably go higher over the longer term.