Sponsors

USD/CAD Forecast August 18, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 18 August 2016 06:54 UTC
The USD/CAD pair initially tried to rally on Tuesday but then turn right back around to form a bit of a shooting star. There is support just below though, so I think what we’re going to see here is a bit of a grind lower, not necessarily some type of meltdown. Oil markets have been climbing, and as a result the Canadian dollar is as well. We have broken down below a significant uptrend line, retested it, and now have confirmed that the previous support is now acting as resistance. I think we will probably try to reach towards the 1.27 level below.

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.

Sponsors

Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.