USD/CAD Forecast May 1, 2014, Technical Analysis

The USD/CAD pair tried to rally during the session on Wednesday, but fell back down and formed a shooting star. The shooting star of course is a very sign, and therefore we begin to wonder whether or not we are going to continue falling. With that, we need to break down to a fresh, new low in order to start shorting with any type of confidence, but do think that it’s going to happen. With that, we believe that the market is ready to pull back somewhat significantly. On the other hand, if we break above the 1.1060 level, we would be buyers.