USD/CAD Forecast April 30, 2014, Technical Analysis

The USD/CAD pair fell hard during the session on Tuesday, slicing through the 1.10 handle. However, there is still plenty of support all the way to the 1.09 handle, so although the candle looks very bearish, we are not ready to sell quite yet. If we get a supportive candle just after this fall, we would be willing to start buying as it would be in line with the recent move higher over the last several months. On the other hand, if we break down to a fresh, new low, we would have to assume that this market has been going to fall to the 1.06 level, the next major support area.