USD/CAD Forecast September 8, 2017, Technical Analysis

USD/CAD daily chart, September 08, 2017

The US dollar fell slightly during the day against the Canadian dollar on Thursday as we continue to see the fallout from the surprise interest rate hike in Ottawa. Longer-term, I believe that the market is going down to the 1.20 level, which is the next significant support level, and I think that rallies will be nice selling opportunities in a market that certainly is very bearish. We recently have broken below an uptrend line on the weekly charts, and at this point the 1.20 level is the next obvious support level that the market will probably go looking towards.

Written by FX Empire