USD/CAD Forecast May 21, 2014, Technical Analysis

The USD/CAD pair rose during the session here on Tuesday, breaking to the 1.09 level. That level has been resistive lately, so a break above the top of this range for the day on Tuesday would be reason enough for us to start buying. We believe that the market would then head to the 1.1050 area, where we face even more significant resistance. A move above there gets is very bullish for the longer term move to the 1.1250 level. However, in the meantime we need to worry about the 1.09 level been broken significantly, which we recognize as the top of the range for the day on Tuesday.