USD/CAD Forecast April 28, 2014, Technical Analysis

The USD/CAD pair rose slightly during the session on Friday, but at the end of the day remains mired in consolidation. With this, we feel that this market is simply going to grind sideways for the time being, but we have broken above the top of the hammer from two weeks ago on the longer-term charts, and as a result we think this market has the 1.13 handle. This consolidation area has been rather strong, and you have to recognize the fact that this pair does tend to go sideways for very long periods of time. With that being the case, we feel that the market will ultimately go higher, but it may take some time.