USD/CAD Forecast March 10, 2015, technical analysis

The USD/CAD pair tried to fall during the course of the session on Monday, but found a little bit of support below, and formed a bit of a hammer. Because of this, the market looks as if the US dollar should continue to go much higher. We believe that this market will then head to the 1.30 level, and find quite a bit of resistance in that region. That was where the market found a massive amount of resistance at the end of the financial crisis, and therefore we feel the market memory dictates that it will take several attempts to break out above there.