USD/CAD Forecast May 7, 2015, Technical Analysis

The USD/CAD pair recently broke down during the course of the day on Wednesday, but found enough support below the 1.20 level to turn things back around and find a little bit of stability. However, the hammer although he very bullish sign doesn’t necessarily negate the fact that we are starting to see significant pressure here. We believe that this market will be greatly influenced by the jobs numbers on Friday, so quite frankly we are staying away from it today. If we can break down below the bottom of the 2 hammers from the last couple of weeks though, that would be a very ominous sign indeed.