USD/CAD Forecast February 4, 2014, Technical Analysis

The USD/CAD pair fell during the session on Monday, but as you can see found enough support at the 1.1050 area to bounce and form a nice-looking hammer. This is a market that’s been in an uptrend for some time, so it does not surprise is that all to see the buyers step in and try to support it. With that, we feel that the breaking of the top of the range for the session on Monday is a buy signal, and that we are in fact going to eventually try to hit the 1.15 level, given enough time.