USD/CAD Forecast April 20, 2015, Technical Analysis

The USD/CAD pair fell during the bulk of the session on Friday, but found enough support at the 1.21 level to turn things back around and form a nice-looking hammer. With this, it appears of the market is ready to bounce significantly, perhaps heading all the way to the 1.25 level again. On the other hand, if we break down below the bottom of the hammer, that is a very bearish sign and we should then head to the 1.20 level. Either way, one thing you can count on in this marketplace: volatility.