USD/CAD Forecast July 13, 2015, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the session on Friday, but gave back all of the gains and ended up forming a shooting star. That shooting star of course is a very negative sign, and we think that the market is getting ready to pull back a little bit. We should then reach the 1.2550 level, perhaps even the 1.25 handle. On the other hand, if we can break above the 1.28 level, the market could then reach towards the 1.30 level. Either way, there is a trade coming.