USD/CAD Forecast August 25, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 25 August 2016 06:22 UTC
The USD/CAD pair went back and forth during the course of the day on Wednesday, ultimately forming a slightly positive candle. We are pressing up against the bottom of the previous uptrend line now, and of course have the 1.30 level above offering resistance also. Pay attention to the oil markets, they have been getting punished over the last several hours, so that has turned this market around. Remember, the Canadian dollars quite often traded as a proxy for the oil markets, as this market will often move inversely to that commodity.

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