USD/CAD Forecast February 10, 2016, Technical Analysis

The USD/CAD pair fell during the course of the day on Tuesday, but found enough support near the 1.38 level to turn things back around and form a bit of a hammer. However, the 1.40 level above is going to be resistive based upon the fact that it is a large, round, psychologically significant number, and with that we need to clear the area in order to start buying. Ultimately, the market should continue to go higher given enough time but we are going to have to wait until we break above there in order to continue buying.