USD/CAD forecast for the week of September 11, 2017, Technical Analysis

The US dollar broke down significantly against the Canadian dollar during the week, slicing through an uptrend line. We reached towards the 1.20 level underneath, which of course has a certain amount of psychological significance attached to it. Any rally at this point will run into trouble at the previous uptrend line, so I think that selling is the only thing you can do. I would not be interested in buying this market below the 1.26 level, and that being the case it’s likely that selling opportunities will present themselves on either short-term rallies, or breakdown below the 1.20 level which should send this market looking for the 1.15 level next. I suspect we may get a little bit of a rally on the short-term charts, but that should only offer selling opportunities.

USD/CAD Video 11.9.17