USD/CAD Forecast May 4, 2015, Technical Analysis

The USD/CAD pair rose during the session on Friday, as we continue to see a bit of a bounce from the 1.20 region. Because of this, the market looks as if it is ready to continue going higher, but we did get back a little bit of the gains late in the session. Ultimately though, we believe that this market will try to break out above the 1.23 level, and extend the move to the 1.25 handle. We have no interest in selling this market until we break down below the lowest point of last week.