USD/CAD Forecast May 14, 2014, Technical Analysis

The USD/CAD pair went back and forth during the session on Tuesday, trying to breakout to the upside. However, the market fell a bit flat, but did stay above the 1.09 level. With that, we believe that the market is still trying to gain from here, but a break above the highs from the Tuesday session will be necessary in order to start buying this market. If that happens, we would expect to see this market had to the 1.10 level again, and a move above the 1.1060 level has us holding onto the trade for a bit longer.