USD/CAD Forecast May 30, 2014, Technical Analysis

The USD/CAD pair fell during the course of the session on Thursday, but found the 1.08 level to be supportive yet again. Ultimately, we feel that this area will continue to offer support, but if we do manage to break down below the 1.08 level, we feel that the market should continue to go much lower, probably looking for the 1.06 level which of course is supportive. On the other hand, a supportive candle in this general vicinity, the 1.10 level should be targeted. In the meantime though, we feel that this market will probably be basically choppy.