USD/CAD Forecast February 17, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the session on Monday, testing the 1.25 handle. If we can break above that level, the market should continue to go higher, as the bullish trend should continue to push the US dollar higher overall. Pullbacks at this point time continue to offer value as the US dollar is the favored currency by Forex traders around the world. Even if we broke down from here, we believe that the floor in the market right now is somewhere near the 1.20 handle, and extends all the way down to the 1.18 level.