USD/CAD Forecast February 12, 2015, Technical Analysis

The USD/CAD pair tried to go higher during the course of the session on Wednesday, but gave back about half of the gains in order to form a shooting star like candle. That being the case, the market looks like it could pull back a little bit but there’s plenty of support below and as a result we look at any fall as potential value in the US dollar. We would be willing to buy supportive candles on lower time frames, as well as a break out above the top of the range for the session on Wednesday.