USD/CAD Forecast April 15, 2015, Technical Analysis

The USD/CAD pair fell hard during the course of the session on Tuesday, breaking below the 1.25 level. With that, the market should continue to find buyers below there, and a supportive candle is reason enough to start going long at that point. Ultimately, we believe that this market will remain in the consolidation area between the 1.24 level on the bottom, and the 1.28 level on the top. Ultimately, the market should continue to favor the upside overall, and as a result we are “buy only” at this point in time.