USD/CAD Forecast May 5, 2014, Technical Analysis

The USD/CAD pair went back and forth during the session on Friday, as the nonfarm payroll numbers cannot a little bit stronger than anticipated. Ultimately, the 1.10 level did offer enough resistance to push the market back down though, it appears that it will continue to be a bit resistive. We need to get above the 1.1060 level in order to get bullish, and do believe that it could happen. However, we also recognize that a move to a fresh, new low would be reason to start selling in a market that has certainly seen a significant fall recently.