USD/CAD Forecast February 24, 2015, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the day on Monday, but as you can see pullback to form a shooting star. The shooting star courses negative, and it now looks as if we are trying to form some type of descending triangle. This of course is bearish, and it does look like we may drop from here. However, we believe that the longer-term trend is still to the upside so therefore we are not going to sell but rather look at any break down as a potential buying opportunity at much lower levels. We believe that the 1.20 level below is a massive floor in this market.