USD/CAD Forecast May 10, 2016, Technical Analysis

The USD/CAD pair gapped higher at the open on Monday, testing the 1.30 level above, which of course is a psychologically significant number. If we can break above there on a daily close, then we may see continued bullish pressure and what has been a very significant move recently. A resistive candle in this area could be a selling opportunity, but we do not have it yet. With this being the case, we are simply waiting to see whether or not we can serve buying. As far selling is concerned, we will probably wait into we break back below the 1.29 handle after the resistive candle.

Economic Calendar