USD/CAD Price Forecast August 26, 2017, Technical Analysis

USD/CAD daily chart, August 24, 2017

The USD/CAD pair rows initially during the day on Wednesday, testing the 1.26 handle. However, the crude oil inventory number came out, basically where we anticipated. Because of this, the market did not get much influence from the petroleum markets. I believe that the 1.26 level above should continue to offer selling pressure, and therefore break above there would be a very bullish sign indeed. Ultimately, I think that selling the short-term rallies that we are prone to see will probably be selling opportunities. However, I also recognize that the 1.25 level underneath will be psychologically important for support.

Written by FX Empire