USD/CAD Forecast May 14, 2015, Technical Analysis

The USD/CAD pair fell significantly during the session on Wednesday, and even broke below the 200 day exponential moving average. Because of this, it now seems as if the market is ready to continue going lower. If we can break the bottom of the range for the session on Wednesday, we would begin to start selling again and aiming for the 1.18 handle. With this, we suddenly start to see some signs of the US dollar breaking down around the Forex world. The US Dollar Index broke below support, and it is very likely that this market will do the same.