USD/CAD Forecast August 30, 2017, Technical Analysis

The US dollar fell initially against the Canadian dollar during the session on Tuesday, but bounced from the bottom at the 1.2450 region. As I record this, the 1.25 level is being tested for resistance, and if we can break above there that could cause a bit of concern for the sellers. However, if we roll over from here, that is simply a confirmation of a “lower highs”, which of course would be a very negative sign. Given enough time, I would suspect that the overall trend would change on a break below the lows of the day, and therefore have large money coming in to push this market towards the 1.20 level. If we do rally, it’s countertrend over the last several weeks, and therefore it will be choppy and take a significant amount of courage to follow that move.

USD/CAD Video 30.8.17