USD/CAD Forecast April 21, 2014, Technical Analysis

The USD/CAD pair did very little during the session on Monday, as we continue to hang about the 1.22 handle. We did form a hammer on Friday though, so we could be getting ready to bounce a bit. If that’s the case, the market should then head to the 1.24 level. If we can get above there, we would more than likely head back into the previous consolidation and towards the 1.2750 region. The oil markets of course will have an influence on how this market behaves, and it should be stated that the Canadian dollar may get a boost from a possible crude oil breakout.