USD/CAD Forecast March 2, 2015, Technical Analysis

The USD/CAD pair went back and forth during the course of the session on Friday, as we continue to hug the 1.25 handle. Because of this, the market looks as if it is simply going to grind away to the side, and it is difficult to get involved overall at this point in time. As you can see on the chart, there is a descending triangle trying to be formed, and as a result we have no real interest in trading this market. If we break down below the 1.2350 level, we feel that the market will then head to the 1.20 level where we should see a significant floor in this market. On the other hand, we break above the 1.27 level, we feel that this market will then try to go to the 1.30 level.