USD/CAD Forecast November 5, 2014, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Tuesday, testing the 1.14 level. Because of this, the market looks as if it’s ready to break out and start heading towards the 1.15 handle given enough time, and we believe that the US dollar will continue to strengthen against the Canadian dollar as although the Canadian dollar is a North American currency, the US dollar is favored around the world right now. We believe that this market is heading to the 1.15 handle, and higher given enough time. We have no interest in selling.