USD/CAD Forecast February 12, 2016, Technical Analysis

The USD/CAD pair initially rose during the course of the day on Thursday, testing the 1.40 level which of course is a massive round number. That being the case, we turned back around to form something akin to a shooting star but we have several hammers in front of this particular candle. With fact, we believe it’s only matter time before the market breaks out, and a move above the 1.40 level on a daily close has us buying this market as it would be a continuation of the longer-term trend that should drive this market to at least the 1.50 level.