USD/CAD Forecast February 10, 2014, Technical Analysis

The USD/CAD pair initially dipped below the 1.10 level on Friday, but as you can see got enough pressure to the upside in order to form a hammer. This hammer of course suggests that the 1.10 level is in fact going to be the “floor” in the market that we thought it would be, and with that we would be more than willing to buy this market above the top of a hammer. We still believe that the market goes to the 1.15 level, and recognize the fact that it could be choppy between here and there.