USD/CAD Forecast: Gives Up Early Gains Against CAD

The US dollar initially tried to rally during the trading session on Wednesday but gave back the gains in order to form a less than impressive candlestick. The downtrend line above has offered resistance, and it certainly looks as if we could continue to drift lower, but this is going to have a lot to do with the oil market and of course the interest rates coming out the United States. The bond yields fell during the trading session as the auction of treasuries went really well during the trading session. Looking at this chart, you can see that there is significant support just below the 1.26 handle, so it is worth … (full story)

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