USD/CAD Forecast February 5, 2014, Technical Analysis

The USD/CAD pair fell during the session on Tuesday, but as you can see found enough support right around the 1.1050 level in order to bounce and form a nice looking hammer. This is a market that we feel is supported below, and more than likely will continue to go higher. However, the nonfarm payroll number coming out on Friday of course will have quite a bit of influence on this market. On top of that, the Canadian jobs numbers come out as well, so although we feel that this market has a bias to the upside, right now we think that we are just going to grind a bit higher between now and Friday.