USD/CAD Forecast May 27, 2015, Technical Analysis

The USD/CAD pair broke higher during the course of the session on Tuesday, slicing through the 1.24 level. This is of course in anticipation of the interest-rate coming out of the Bank of Canada, which of course is a market moving event. If we can get above the top of the range for the session on Tuesday, we feel that this market will probably head towards the 1.27 level. Any pullback at this point time will more than likely be a buying opportunity, but we recognize that the Bank of Canada could of course throw a monkey wrench into everything. Ultimately, we do feel that this market has turned around and now looks very bullish.