USD/CAD Forecast April 21, 2014, Technical Analysis

The USD/CAD pair fell initially during the session on Friday, but bounced off of the 1.10 level enough to form a little bit of a hammer. However, the liquidity of the marketplace was pretty low during the Good Friday holiday, so although we get a supportive sign based on the candle, we still believe that ultimately we need a break above 1.1060 level in order to feel free and clear of the resistance in this general vicinity. However, we feel that the market will eventually do just that, and head to the 1.13 level.