USD/CAD Forecast January 16, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the day on Thursday, testing the 1.18 handle. We did however find enough support there that the market formed a massive hammer and as a result the analysis is going to be the same going forward, that we believe that this pair gives bought every time it dips. We do believe that the 1.20 level will get broken to the upside, because the oil markets quite frankly with a very anemic yet again. We think that the market will target the 1.22 level, and then of course the 1.25 handle.