USD/CAD Forecast April 7, 2014, Technical Analysis

The USD/CAD pair fell during the session on Friday, slicing through the 1.10 level. Even though that’s the big figure, we see support all the way down to the 1.09 handle, so quite frankly we are buyers on a supportive candle still. Although we did break down through significant support, we are not through the entire zone, so although things look bearish, we are not quite ready to step into the market and start selling yet. A close below the aforementioned 1.09 level would be enough to get us to sell though.