USD/CAD Forecast April 8, 2014, Technical Analysis

The USD/CAD pair tried to rally during the session on Monday, but found the 1.10 level to be a bit too resistive in order to form a shooting star. This shooting star suggests that the market is trying to continue to selloff, but it also gives us a nice buying opportunity if we break above the 1.10 level, as it would shatter the top of the shooting star and showing a real gain and upward momentum. As far selling is concerned, we need to see this market close below the 1.09 level on a daily close in order to do so. Again though, if we break the top of the shooting star, we feel this market would be a buy at that point.