The US dollar initially tried to rally against the Canadian dollar on Tuesday, but found the 1.26 level to be far too resistive. We rolled over from there and fell significantly, and with this being the case it’s likely that every time we rally, there will be sellers. The 1.25 level underneath would be supportive due to the psychological significance of the round figure, but I think that we will probably dip below that level. If we did break above the 1.260 level, then I think that the buyers could go looking for the 1.2650 level above that, but obviously the sellers are in control the market. We have the Crude Oil Inventories announcement coming out of the United States today, so that of course could influence this market.
USD/CAD Video 23.8.17
This article was originally posted on FX Empire