USD/CAD Forecast August 31, 2017, Technical Analysis

USD/CAD daily chart, August 31, 2017

The USD/CAD pair initially fell during the session on Wednesday, but found the 1.25 level to be supportive enough to turn the market around. Because of this, I think that the explosive moved to the upside signals that perhaps the selling is done, at least for a while. The 1.25 level underneath should be supportive now, especially if the oil markets can continue to fall as drastically as they have. Ultimately, we could get a significant bounce from here, but keep in mind that there is also quite a bit of bearish pressure on the US dollar overall.

Written by FX Empire