USD/CAD Forecast September 12, 2017, Technical Analysis

The USD/CAD pair initially dipped during the day on Monday, dropping towards the 1.21 handle. We bounced a bit though, as I think we will probably continue to go higher in the short term, looking for resistance above to continue the longer-term downtrend. The selloff in this pair has been relatively stable over the last several sessions, and I think we need to do a little bit of “back and fill” to make this market attractive to sellers again. The 1.20 level underneath continues to be psychologically supportive, and structurally as well on longer-term charts. Because of this, it makes sense that we would bounce from here to look for more momentum to finally break down. With this in mind, I’m not buying, I simply waiting for exhaustion to start selling again.

USD/CAD Video 12.9.17