USD/CAD Forecast May 16, 2014, Technical Analysis

The USD/CAD pair fell during the session on Thursday, found enough support in the previous consolidation area to bounce and form a little bit of a hammer. That hammer could lead to a move higher, but we need to break above the highs from the last couple of sessions in order to start aiming for the 1.10 level. A move above the 1.1060 level is a buying opportunity for longer-term traders as well, as we go to the 1.1250 level. A break to a fresh new low of course since this market looking for the 1.07 level which is the beginning of the next support zone.