USD/CAD Forecast May 11, 2015, Technical Analysis

The USD/CAD pair fell during the course of the day on Friday, but found support at the 1.20 level yet again. The market looks rather sideways, but in the weekly timeframe we have a significant amount of support being shown, as we have a hammer for the weekly candle. Because of this, we feel that the market is going to go higher, but we recognize that the 1.24 level will offer significant resistance. Expect a lot of volatility and keep an eye on the oil markets as they can highly influence demand on the Canadian dollar.