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USD/CAD Forecast August 29, 2017, Technical Analysis

By:

Christopher Lewis

Updated: Aug 29, 2017, 04:13 GMT+00:00

The USD/CAD pair initially went sideways at the open on Monday, but then fell to reach towards the 1.2440 level. We then bounced after that, but I think

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The USD/CAD pair initially went sideways at the open on Monday, but then fell to reach towards the 1.2440 level. We then bounced after that, but I think that there is a significant amount of resistance above, and that the 1.25 level should bring in quite a bit of selling pressure. Because of this, I am looking for a short-term rallied to pick up a bit of value in the Canadian dollar. I don’t have any interest in buying, because quite frankly we don’t have enough room to move. There is a weekly uptrend line below, but it appears that the market is continuing to try and build up enough downward momentum to break below it.

USD/CAD Video 29.8.17

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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