USD/CAD Forecast March 28, 2014, Technical Analysis

The USD/CAD pair fell during the session on Thursday, but found enough support in the 1.10 level to stay somewhat afloat. That being the case, the market appears supported enough to perhaps continue the recent consolidation. The fall has been rather strong over the last several sessions, but there is a significant amount of support all the way down to the 1.09 handle, so we have been hesitant to start selling. A supportive candle somewhere between here and there would be great, as it would be a natural place to start buying again. Once we get below the 1.09 handle however, things changed drastically for us as we begin to start looking at this pair negatively.