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USD/CAD Forecast August 14, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Aug 12, 2017, 06:05 UTC

The US dollar fell against the Canadian dollar on Friday, slicing through the 1.27 level again. The market is taking a bit of a break after several

USD/CAD daily chart, August 14, 2017

The US dollar fell against the Canadian dollar on Friday, slicing through the 1.27 level again. The market is taking a bit of a break after several attempts to the upside, and I think that a pullback is healthy. When looking at the longer-term charts, we have bounced from a major uptrend line, and I am still bullish of this market. I look at this pullback is an opportunity to offer value for traders who are patient enough to take advantage of any type of pullback and support. I think that given enough time, we will find buyers and continue to go much higher, with my initial target being the 1.30 level.

Buying pullbacks

I continue to buy pullbacks time and time again, as I believe that the uptrend line should hold. I will add to my position every time we make a fresh, new high, but I will do so in very small increments. I have no interest in shorting, least not until we break down below the uptrend line off the weekly chart, which of course would change everything. This is a market that is very noisy, but I think will continue to favor the US dollar as the American economy shows real signs of strength currently.

USD/CAD Video 14.8.17

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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