USD/CAD Forecast March 10, 2014, Technical Analysis

The USD/CAD pair rose drastically during the session on Friday, as the nonfarm payroll numbers came out stronger than anticipated. However, we are still well below the 1.12 level, the area that we need to see broken out to the upside in order to feel that the market is ready to go to the 1.15 level, which is our target. That being the case, we’re still bullish but recognize the fact that this market is simply still floating around in consolidation, and therefore short-term trading at best can be the case. We are bullish though, so we buy on supportive candles.