USD/CAD Forecast August 29, 2014, Technical Analysis

The USD/CAD pair fell during the day on Thursday, but as you can see bounced in order to form a bit of a hammer. With that being the case, it appears that the market may be trying to find some type of supportive action in this area in order to continue the consolidation. If we can get above the 1.10 handle however, this market should go much higher, and as a result we believe that the market will then head to the 1.12 level. Pullbacks at this point in time should continue yet again to offer buying opportunities as long as we stay above the uptrend line below.