USD/CAD Forecast April 30, 2015, Technical Analysis

The USD/CAD pair fell below the 1.20 level during the session on Wednesday as the GDP numbers out of America were less than anticipated. However, later in the day we turn things back around and formed a bit of a hammer. With this, we are buyers on a break of the top of the hammer expecting the market to head to the 1.23 region because of it. On a break below the bottom of the hammer, we would be sellers as the market should then head to the 1.19 level next. Watch the oil markets, they of course will have a big part to play.