USD/CAD Forecast April 17, 2014, Technical Analysis

The USD/CAD pair initially fell during the session on Wednesday, but bounced enough to break above the 1.10 level. With that, the market looks like it’s ready to go higher, and quite frankly we do feel like this market will make a move towards a 1.12 level, although it will be a bit tough from time to time as there is a lot of noise above. Nonetheless, the weekly hammer has been broken to the upside and that is in fact a bullish sign for longer-term traders as well as short-term traders.