USD/CAD Forecast May 12, 2015, Technical Analysis

The USD/CAD pair initially fell during the day on Monday, but did slow down a bit. We still see a significant amount of support at the 1.20 level, and of course the 200 day exponential moving average as dynamic support just below there. With that, we are hesitant to sell, and as a result we can only buy at this moment. However, we don’t necessarily have the right set up to do that either because the market just simply looks like it’s ready to grind sideways overall. With that, we are on the sidelines.