USD/CAD Forecast February 16, 2015, Technical Analysis

The USD/CAD pair tried to rally at first during the session on Friday, but failed and formed a negative candle in the end. The market is well-supported just below, and as a result we are buyers on supportive candles. However, the weekly candle is a shooting star, so there could be a bit of a fall from here. The market looks as if there is a massive amount of support at the 1.20 level as well, and this should be the “floor” in this pair at the moment. We are bullish overall, and are not looking to sell, even with the breaking down of the 1.24 level.