USD/CAD Forecast February 7, 2014, Technical Analysis

The USD/CAD pair went back and forth during the session on Thursday, meandering around the 1.1050 level. This is an area that’s been very sideways for some time now, and as a result we think that the market is essentially waiting on the labor numbers. You have to keep in mind that today’s not only nonfarm payroll Friday, but it is also the day that we get the latest Canadian employment numbers, so that should make this pair very interesting to say the least. With that, we are bullish considering that the 1.10 level looks to be so supportive, but do understand that it’s probably safest to play this market on Monday.