USD/CAD Forecast April 29, 2015, Technical Analysis

The USD/CAD pair broke down during the course of the session on Tuesday, as we head towards the 1.20 handle. This is an area that should have plenty of support though, based upon the large, round, psychologically significant number. With that, we are looking for some type of supportive candle in order to start buying but we also recognize that a break down below the 1.20 level would be very bearish and send this market much lower. No matter what, the market is going to find plenty of volatility as the oil markets continue to drive this pair.