USD/CAD Forecast August 21, 2017, Technical Analysis

USD/CAD daily chart, August 21, 2017

The USD/CAD pair fell significantly during the day, struggling to find any type of stability. We have made a fresh, new low, so therefore looks as if we are going to continue to sell off. I look at this market as one that is probably going to drift towards the $1.25 level. Ultimately, the market looks as if it is working against the value of the US dollar in general, and the Canadian dollar is finding quite a bit of strength. Ultimately though, I think that the 1.25 level will be a real fight. In the short term, I think we’re probably going to test that level. If we broke above the 1.27 handle, then I would be convinced to start buying again.

Written by FX Empire