USD/CAD Forecast February 11, 2015, Technical Analysis

The USD/CAD pair broke higher during the session on Tuesday, clearing the 1.25 level. That area is a bit of a magnet for the market at the moment, and we believe that the pair will ultimately head towards the 1.28 handle. Above there, we have the 1.30 handle which of course is massively resistive due to the fact that it is where the pair stopped after the financial crisis. With the oil markets being as soft as they have been, it’s very likely that the Canadian dollar will continue to be sold off, putting quite a bit of upward pressure on this pair.