USD/CAD Forecast February 27, 2014, Technical Analysis

The USD/CAD pair when higher during the session on Wednesday, breaking above the 1.11 level. However, we have not broken above the 1.12 level, so we are still in the consolidation area that we have been in for a bit of time now in this pair. Ultimately, we believe that this market is simply taking a rest after going much higher, trying to build some type of momentum. However, once we get above the 1.12 level, we feel that the pair heads to the 1.15 level. A pullback at this point time should be thought of as a buying opportunity, and as a result we buy supportive candles below.