USD/CAD Forecast December 18, 2014, Technical Analysis

The USD CAD pair fell rather significantly during the session on Wednesday, but as you can see turned back around and formed a massive hammer. The hammer of course suggests that the market is going to go higher so therefore we think that buying opportunities exist every time this market falls. No interest in selling it, and we believe that ultimately this pair will head to the 1.18 level and the next several weeks. At the same time, we feel fairly confident that the 1.15 level is going to be supportive going forward, and therefore think that the buyers will continue to run the market.