USD/CAD Forecast February 27, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Thursday, but found enough support to pop back over the 1.25 handle. Because of this, we believe that the market will continue to go higher but struggle with the potential downtrend line on the potential descending triangle. With this, we feel that this market is probably going to be fairly tight, and as a result we have no interest in trading it today. If we break down below the 1.2350 level, we feel that this market should head down to the 1.20 handle. With that area, we would anticipate seeing a lot of support.