USD/CAD Forecast August 18, 2017, Technical Analysis

USD/CAD daily chart, August 18, 2017

The USD/CAD pair fell during the session on Thursday, testing the 1.26 level underneath for support. A bounce from there should send the market higher, and so far we are seeing that happen. The market could then go to the 1.27 level above, which is an area that could be resistive. A break above there could send this market much higher, perhaps to the 1.2750 level. Alternately, a breakdown below the 1.26 level would be negative, and of course today could be an important day. We get Canadian CPI numbers during the session today, and that of course can have an influence on this market. Alternately, the Baker Hughes Rate Count will have an opportunity to move the crude oil markets as well, which of course has an influence over here. This being the case, I believe that today will be volatile but those 2 levels are the ones of watching.

Written by FX Empire