USD/CAD Forecast March 11, 2014, Technical Analysis

The USD/CAD pair rose during the session on Monday, but found enough resistance to turn back around and form a shooting star. While this is technically a bearish sign, we believe that it is simply a hens that the market wants to continue consolidating. With that, we still buy on dips, and will be looking for some type of supportive candle below. Alternately, if we break the 1.12 level to the upside, we would be buyers out there as well. In the meantime, we are sitting on her hands as the market looks like it’s starting to slow down.