USD/CAD forecast for the week of August 21, 2017, Technical Analysis

Updated : Aug 19, 2017, 05:02 UTC1min read
USD/CAD weekly chart, August 21, 2017
The USD/CAD pair initially tried to rally during the week, but turned around just below the 1.28 handle. As we had formed a shooting star the previous week, and now look to be forming a shooting star for this past week, it looks very likely that were going to try
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The USD/CAD pair initially tried to rally during the week, but turned around just below the 1.28 handle. As we had formed a shooting star the previous week, and now look to be forming a shooting star for this past week, it looks very likely that were going to try to roll over. The uptrend line below should offer support, but I think that the markets can go looking for the 1.25 handle in the end term. If we were to break down below the uptrend line, somewhere near the 1.2450 level, I think that could be very negative for the overall uptrend that we have seen. Ultimately, this is a market that could be driven by oil as well, so of oil explodes to the upside suddenly, that will only add yet another reason for this market to start falling.

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Alternately, if we were to break above the 1.28 handle, that would be a very bullish sign and probably have this market looking for the 1.30 level. Friday was very bearish, so we’ll have to see however thing shakes out, but I think we are starting to see the sellers jump back into this market and flexor muscles as the bounce, although strong from the trend line, is being threatened.

USD/CAD Video 21.8.17

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