USD/CAD Forecast March 12, 2014, Technical Analysis

The USD/CAD pair fell during the session on Tuesday, but as you can see found enough support at the 1.11 level in order to bounce and form a hammer. This hammer of course signifies that the market is going to go higher, and perhaps test the 1.12 level, the area we need to break out above in order to continue going higher. On that move, the market goes to the 1.15 level, and possibly even farther. Pullbacks at this point time should offer buying opportunities as we believe there is a massive amount of support down near the 1.09 level.