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USD/CAD Forecast August 24, 2015, Technical Analysis

By:
Christopher Lewis
Published: Aug 22, 2015, 05:46 UTC

The USD/CAD pair initially fell on Friday, but found enough support near the 1.30 level to turn things back around. By doing so, it looks as if the market

USD/CAD Forecast August 24, 2015, Technical Analysis

The USD/CAD pair initially fell on Friday, but found enough support near the 1.30 level to turn things back around. By doing so, it looks as if the market is ready to continue to try to go higher. If we can break above the 1.32 handle, we feel that this market continues to go towards the 1.35 level. Oil markets look very susceptible to selling pressure right now, so we could get that move fairly soon as the Canadian dollar is so highly influenced by petroleum. We have no interest in selling as we see massive amounts of support below.

 

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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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