USD/CAD Forecast August 11, 2015, Technical Analysis

The USD/CAD pair initially tried to rally on Monday but turned back around and slammed into the 1.30 level as well got a bit of a bid for the day. However, we recognize that there is a support “zone” between the 1.30 level and the 1.28 handle. In other words, we have no interest in selling this market and would rather buying supportive candles when they appear. However, if we were to break down below the 1.28 level, at that point in time we could be convinced to start selling again as it could signal a significant top in this market.