USD/CAD Price Forecast August 17, 2017, Technical Analysis

USD/CAD daily chart, August 17, 2017

The USD/CAD pair fell significantly during the session on Wednesday at the open, but the 1.27 level has been offering a bit of support. At this point, I would anticipate that the buyers may return to the market, but we have the FOMC Meeting Minutes coming out later in the session, and that could have a bit of influence. Ultimately, I believe that the US dollar will continue to gain against the Canadian dollar as not only the oil markets are struggling, but quite frankly there are a lot of cracks in the economy north of the border. I still worry about the Canadian housing issue, seen it firsthand in Toronto several times this year. Ultimately, I believe that this uptrend will continue, but the short-term it will be based upon expectations of the Federal Reserve. If we were to break down, I think that the 1.26 level will be targeted next. On the other hand, if we go higher than I believe it becomes more of an attempt to get towards the 1.30 level above, which of course has a lot of attention attached to it.

Written by FX Empire