USD/CAD Forecast March 4, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the session on Thursday, but turned back around to form a shooting star for the day. That being the case, we also noticed that there was a shooting star during the session on Wednesday as well so we believe that perhaps this market is already telling us it wants to go lower. A break down below the bottom of the candle for the Thursday session could send this market down to the 1.32 handle. Rallies at this point in time aren’t interesting to us until we get above the 1.36 level. At that point in time we would be buyers as the market should then reach towards the 1.38 handle above.