USD/CAD Forecast April 25, 2014, Technical Analysis

The USD/CAD pair did almost nothing during the session on Thursday, as we continue to meander just above the 1.10 level. With that, we feel that the market should continue to go sideways in the meantime, but we believe also believe that the upside will win. This is predicated upon the idea that there is a nice-looking hammer on the weekly chart that has just been broken above, thereby sending longer-term money back into the marketplace. We believe that the market will head to the 1.13 level based on longer-term charts. Once we get above the 1.1060 level, the market should be free to continue going higher.