USD/CAD Forecast April 2, 2014, Technical Analysis

The USD/CAD pair fell during the session on Tuesday, showing the 1.10 level to be supportive yet again. We believe that this area is going to be rather supportive in the near term, as we await to see the nonfarm payroll results. We believe that this market will more than likely have an upward bias to it between now and then, and will ultimately try to head towards the 1.12 level. It is not until we break down below the 1.09 level that we could even consider selling, as it would show a significant amount of selling pressure.