USD/CAD Forecast May 15, 2014, Technical Analysis

The USD/CAD pair broke to the upside initially during the session on Wednesday, but fell back down below the 1.09 level. Ultimately, the market did find a bit of support though, and as a result of that we believe that the market will ultimately go higher if we can find some type of supportive candle. Regardless, it looks as if the market could consolidate in this general vicinity, and ultimately find buyers stepping into this marketplace. A break down below the recent low would send this market looking for the 1.07 handle.