USD CAD Forecast February 3, 2015, Technical Analysis

The USD/CAD pair broke down during the course of the day on Monday as oil markets rebounded a bit. However, the 1.25 level below should be rather supportive, so we are looking for some type of supportive candle in order to start buying this market again. Even if we broke down below there, we feel that there is more than enough support down to the 1.24 level, and with that we are very bullish of this market even though we have had a fairly significantly bearish candle for the Monday session. We believe ultimately this pair goes to the 1.30 handle.