USD/CAD Forecast January 21, 2015, Technical Analysis

The USD/CAD pair fell initially during the day on Wednesday, but found enough support at the 1.45 level to turn things around and form a hammer. We had a Bank of Canada interest-rate announcement and policy statement during the day, and as a result there was quite a bit of volatility. However, the uptrend continues, and therefore we are buyers only. Ultimately, the market should continue to find buyers every time it pulls back. Remember, oil markets continue to suffer, and therefore the Canadian dollar will as well. At this point, our target is 1.50 or so.