USD/CAD Forecast May 29, 2014, Technical Analysis

The USD/CAD pair rose during the session on Wednesday, continuing to maintain that the 1.0850 level will be supportive. With this, we believe that a little bit of a bounce is probably coming today, but quite frankly we would not hold out much hope of anything significant. The market will more than likely be kept below the 1.0950 level, an area we see as resistance. Nonetheless, we feel that this is a market that only scalpers will be involved in, as there really isn’t much to move the market in one direction or the other for any significant amount at this point.