MtICHI

next target is 1.4

Long
MtICHI Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
The widening interest rate differential made the U.S. Dollar a more attractive investment, contributing to the weakness in CAD. The Forex pair also gained after money market traders lowered the probability of a 50-basis point interest rate hike by the Bank of Canada in October to 85%.

The main trend is up according to the daily swing and the trend is likely to continue after the Fed raises its benchmark interest rate. On the daily chart , the next two targets are 1.3421 and then 1.4 .

The inflation data wasn’t the only factor weighing on the Canadian Dollar . The currency was also driven lower by a plunge in crude oil prices and weak investor sentiment.
Comment: Canadian dollar index is intensely bearish and DXY is intensely bullish
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