USD/CAD Forecast May 22, 2014, Technical Analysis

The USD/CAD pair tried to rally during the session on Wednesday, but found the 1.0950 level to be far too resistive. With that resistance, we pulled back and formed a shooting star. This shooting star suggests that the market is ready to pull back, probably back down into the consolidation area. With that being the case, we feel that the market will probably be a bit choppy at this point in time, therefore not allowing us to participate. On the other hand, a supportive candle could get us buying. A break above the top of the shooting star since this market looking for 1.10, although it will be a fight.