USD/CAD Forecast April 10, 2014, Technical Analysis

The USD/CAD market fell during the session on Wednesday, breaking below the 1.09 handle. Although we did not collapse, we do fear that this market is probably going to go lower, thereby causing us to sell this market on a break of the lows from the session. We will not sell until then, but do recognize that it’s a nice short-term opportunity to follow the market all the way down to the 1.07 level. Below that area, we would expect to see plenty of support, thereby offering a nice buying setup if we get the right candle.