USD/CAD Forecast March 13, 2014, Technical Analysis

The USD/CAD pair tried to break out to the upside, but pulled back enough to form a shooting star during the day on Wednesday. While this is normally a negative sign, we feel this is more or less a sign of confusion than anything else. With that, we are still bullish of this market longer-term, but recognize the fact that we need to grind sideways for a while it appears. Ultimately, we would love to buy on a pullback the show signs of support, and a move above the 1.12 level should send this market heading to the 1.15 handle.