USD/CAD Forecast February 28, 2014, Technical Analysis

The USD/CAD pair tried to rally during the session on Thursday, but found too much resistance and ended up forming a shooting star. The shooting star isn’t much of a candle though, and as a result we simply think it signals that the market is going to continue to consolidate in this general vicinity. We still wait to see a daily close above the 1.12 handle, which of course in our opinion is a nice buying opportunity. Any pullback at this point time that show signs of support should also provide a nice buying opportunity as the market continues to go higher.