USD/CAD Forecast February 20, 2014, Technical Analysis

The USD/CAD pair initially fell during the session on Wednesday, but as you can see found enough support to turn things back around and shoot straight through the 1.10 level. Because of this, we initiated long positions again during the session, and believe that this market is heading to the 1.12 level. In fact, we believe it is not only heading there, but it’s going to break through there and head towards the 1.15 level given enough time. This is simply a continuation of the uptrend that we have been in for some time now, and as a result we feel this market is one that is “buy only.”