USD/CAD Forecast April 9, 2014, Technical Analysis

The USD/CAD pair fell hard during the session on Tuesday, slamming into the 1.09 level. That area should offer a bit of support, and as a result we are waiting to see whether or not a supportive candle appears. If it does not, then will we feel that the market will drift back down to the 1.07 level where support will come back into play. However, if we get the supportive candle in this general vicinity, we feel that the market could very well continue to grind away between the 1.09 level on the bottom, and the 1.12 level to the top.