USD/CAD Forecast March 6, 2015, Technical Analysis

The USD/CAD pair initially tried to fall during the session on Thursday, but bounced back towards the 1.25 handle. With that, the market looks as if it is ready to continue the volatility, but with today being nonfarm payroll Friday, it’s likely that we will have to wait until we see what the results of that announcement are. If we break down below the 1.2350 level, this market should then head to the 1.20 handle. On the other hand, if we break above the descending trend line of the descending triangle, the market should then head to the 1.30 handle.