USD/CAD Forecast April 12, 2016, Technical Analysis

The USD/CAD pair broke down during the course of the day on Monday, clearing the bottom of the trend line that had been keeping this market somewhat afloat. Having said this, we have not made a fresh, new low yet, so we are waiting to see whether or not we can break down below the bottom of the hammer from last week in order to start selling which is essentially a sub 1.29 level. Below there, we would be sellers as the market could fall apart. As far as buying is concerned, are bit hesitant to do so at the moment.