USD/CAD Forecast May 1, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Thursday, clearing the top of the hammer in order to fire off by signals. However, we did struggle above the 1.21 handle, so it is likely that the markets will chop around a bit in the meantime. We ultimately believe that this market will break higher, but you may wish to wait until a short-term pullback in order to take advantage of value as we will have to build up momentum to continue going higher as this market tries to reverse the recent trend.