USD/CAD Forecast May 9, 2014, Technical Analysis

The USD/CAD pair fell hard during the session on Thursday, breaking below the recent low during early April. With that, it appears that the market is ready to drift down to the next major support area which starts at roughly the 1.07 level. That support runs all the way down to the 1.06 handle, so therefore we could see a relatively decent sized move. Buying is going to be almost impossible now, at least until we get down to major support in the general vicinity. We fully anticipate this pair will continue to drift lower.