USD/CAD Forecast May 22, 2015, Technical Analysis

USD/CAD pair tried to rally initially during the session on Thursday, but struggled and ended up pulling back to form a shooting star. We are right at the 100 day exponential moving average, which of course is a moving average that longer-term traders pay attention to. With this, we feel that shorting this market on a break below the bottom of the shooting star is the best trade to take right now, and therefore the only one we’re looking at. We have no interest in buying until we get above the 1.24 level, which doesn’t look likely in the short-term.