USD/CAD Forecast April 8, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Tuesday, clearing the 1.25 handle. Because of this, the market looks as if it is ready to continue going higher. We recognize that the market should then go to the 1.27 level given enough time, and that pullbacks at this point time should meet plenty of buyers. We have no interest in selling, because we are quite frankly at the bottom of the recent consolidation area that has been so significant in this particular pair. The Canadian dollar has been boosted slightly by the oil markets, but quite frankly the oil markets haven’t really been able to break this pair down. We believe that’s foreshadowing.