USD/CAD Forecast May 20, 2014, Technical Analysis

The USD/CAD pair initially fell during the session on Monday, but found enough support near the 1.0850 level in order to turn things back around and form a hammer. We believe that this is the significant support that is holding the market up in general, and as a result break above the top of the hammer could send this market going higher. If we get that move, we should head to the 1.10 level, but on the other hand we make a fresh new low, we would be sellers at that point in time