USD/CAD Forecast April 22, 2014, Technical Analysis

The USD/CAD pair did nothing during the session on Monday, as we continue to meander around the 1.10 level. Isn’t this area that we think that a strong battle between the buyers and sellers is occurring, with our belief that the buyers will eventually take over. After all, the weekly candle from the previous week was a hammer, and we haven’t fact broke above there, a common technical analysis buy signal. If we can get above the 1.1050 level, we believe that this market heads to the 1.13 handle. Selling isn’t something we are interested and at the moment.