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USD/CAD Forecast August 31, 2017, Technical Analysis

By:

Christopher Lewis

Updated: Aug 31, 2017, 06:11 GMT+00:00

The USD/CAD pair initially fell during the session on Wednesday, but found the 1.25 level to be supportive enough to turn the market around. Because of

The USD/CAD pair initially fell during the session on Wednesday, but found the 1.25 level to be supportive enough to turn the market around. Because of this, I think that the explosive moved to the upside signals that perhaps the selling is done, at least for a while. The 1.25 level underneath should be supportive now, especially if the oil markets can continue to fall as drastically as they have. Ultimately, we could get a significant bounce from here, but keep in mind that there is also quite a bit of bearish pressure on the US dollar overall.

USD/CAD Video 31.8.17

About the Author

Christopher Lewisauthor

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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