USD/CAD Forecast April 10, 2015, Technical Analysis

The USD/CAD pair eventually rose during the session on Thursday, but not after dipping slightly. By doing so, we have formed a hammer like candle yet again and have broken above the 1.26 level during the session. We believe that this market should ultimately go much higher, probably heading to the 1.28 handle given enough time. We have no interest whatsoever in shorting this market, simply because we are getting towards the bottom of the consolidation area. Ultimately, we think the market will break out to the upside, but it is going to take some time to happen.