USD/CAD Forecast September 3, 2014, Technical Analysis

The USD/CAD pair broke higher during the session on Wednesday, clearing the top of the hammers that had formed recently. That being the case, the market looks like it’s heading to the 1.10 level, but there is a Canadian interest-rate announcement coming out today, and that of course should continue to influence the where this market goes. There isn’t any action expected, but the statement will of course be scrutinized drastically, and as a result we could finally get the breakout above the 1.10 level that we have been looking for. We are not sellers until we break below the uptrend line.