USD/CAD Forecast April 22, 2015, Technical Analysis

The USD/CAD pair initially fell during the course of the session on Tuesday, but found enough support below to turn things back around and form a nice-looking hammer. This hammer suggests that the market could go as high as 1.25, but in that region we would anticipate seeing quite a bit of resistance. If we can get above there, we believe that the longer-term uptrend will continue to push the market to the 1.28 level. On the other hand, if we see resistance somewhere near there, the market could sell off again. At this point in time, we prefer to stay out of this pair.