USD/CAD Forecast May 19, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the day on Monday, showing a very strong bounce. However, we are not free and clear yet, and therefore we are a bit hesitant to start buying quite yet. If we can get above the 1.23 level, we are willing to start going long again. Ultimately, pullbacks are a bit difficult to deal with as well, because there is so much noise in this general vicinity. We feel that a longer-term signal is in fact going to appear, but right now we have no interest in risking our money.