USD/CAD Forecast April 23, Technical Analysis

The USD/CAD pair did very little during the session on Tuesday, but did prove the 1.10 level to be supportive again. Because of that, we feel that this market should continue to grind higher but we recognize that in order to be comfortable buying this market, we need to see the price action break above the 1.1060 level in order to confirm that momentum shifting to the upside again. Looking at the weekly chart, we broke above the top of the hammer from two weeks ago, so we do in fact have a longer-term buy signal.