Advertisement
Advertisement
USD/CAD Forecast September 4, 2017, Technical Analysis
Updated: Sep 2, 2017, 05:15 GMT+00:00
The US dollar initially went sideways against the Canadian dollar, testing the 1.25 level for resistance. We found plenty of resistance there, and as the
PREMIUM
Read what the experts are trading this weekExclusive analysis from FXEmpire top analysts — curated insights you won't find on the free site.In-depth analysis
Curated reports
Top analysts
Unlock Premium
The US dollar initially went sideways against the Canadian dollar, testing the 1.25 level for resistance. We found plenty of resistance there, and as the jobs numbers disappointed in the United States, this market fell. The GDP numbers and Canada have been strong as of late, so it looks likely that we will continue to see bearish pressure. The market is likely to go down to the 1.22 level, and perhaps even the 1.20 level longer term. Rallies continue to be selling opportunities, and if the oil markets can pick up bullish pressure, that should be reason enough for the market to go lower as well. A break above the 1.25 level would be bullish, but I don’t think that’s going to happen after Friday’s action.
USD/CAD Video 04.9.17
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.
Advertisement