September Canadian dollar tracks sideways and lower. As Crude goes, so goes the CAD. If production is increased overseas, this market will continue to trend lower. Bear target right now is S2 .76480, followed by S3 at .75755. RSI triangle will need to be breached for any significant downward action. 20 day MA becomes resistance for any upward movement. This is also were major trades had taken place. Watch for false break outs above the 20 day MA.
Comment:
CAD still channelling downwards and under the 20 day MA. Target for bears is S2 at .76480. Crude may be turning around. Keep an eye out.
Comment:
More sideways moves. With the G7 over and trade negotiations all over the place, Market should continue sideways to lower.
Comment:
CAD nears S2 after USD starts to climb again. S3 still overall target at .75755
Trade closed manually:
CAD trapped in a downward channel as the USD tries to find strength. New pivots have formed.