USD/CAD Forecast April 29, 2014, Technical Analysis

The USD/CAD pair initially fell on Monday, but finds the 1.10 level to be supportive yet again. With that, we feel that the market should continue to meander around this area, and we feel that it is a “buy only” market at the moment. Because of this, we are actually looking forward to the day that we breakout above the 1.1060 handle, where we feel that the market would then continue the uptrend and move to the 1.13 level over the course of several weeks. Selling is impossible until we get back down below the 1.09 handle.