USD/CAD Forecast May 3, 2016, Technical Analysis

The USD/CAD pair did almost nothing during the course of the session on Monday, as it appears that the 1.25 level is going to offer quite a bit of support. With this being the case, we could get a bit of a bounce but any bounce at this point in time will more than likely have enough resistance above it to turn things back around and form a negative looking candle. With that, we would be willing to sell rallies on signs of exhaustion. On the other hand though, if we break down below the 1.25 level on a daily close, we be willing to start selling than that as well.