The US dollar drifted lower against the Canadian dollar, and then rallied. However, as Janet Yellen started speaking in Wyoming, the market broke below the 1.25 level again. Because of this, it looks likely that the market will continue to drop from here, making a fresh, new low soon. Once that happens, I suspect that the longer-term move will be to the 1.120 level underneath. Rallies at this point should be selling opportunities, and I think that the markets will continue to be bearish longer-term, giving you opportunities to pick up value in the Canadian dollar on those bounces.
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USD/CAD Forecast August 28, 2017, Technical Analysis
The US dollar drifted lower against the Canadian dollar, and then rallied. However, as Janet Yellen started speaking in Wyoming, the market broke below
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About the Author
Christopher LewisSenior Analyst
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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