USD/CAD Forecast May 2, 2014, Technical Analysis

The USD/CAD pair rallied during the session on Thursday, but found enough resistance of the 1.10 level to turn things back around and form a shooting star. The shooting star of course suggests that we are going to go lower, but we need to get below the 1.0950 level to even consider selling. Truthfully though, we would prefer to see a fresh, new low. On the other hand, if we break above the 1.1060 level, we would be very bullish at that point in time and aiming for the 1.13 handle. Currently though, it looks like the market is simply trying to figure out what it wants to do.