USD/CAD Forecast September 11, 2017, Technical Analysis

USD/CAD daily chart, September 11, 2017

The USD/CAD pair rallied a bit during the day on Friday, as the recent move had to retract a bit. I believe that most of this is probably due to profit-taking before the weekend. That being the case, I believe that it’s only a matter of time before the sellers return to this market, so I’m looking for some type of exhaustion to get involved. The 1.20 level underneath will be supportive, but once we break below there, the market could probably go down to the 1.15 handle after that. The Federal Reserve looks very unlikely to raise interest rates anytime soon after the hurricanes, and that of course works against the dollar.

Written by FX Empire