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USD/CAD falls to fresh four-month low. What’s next

October 1, 2018 by admin 0 Comments

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USD/CAD down 123 pips on the day

USD/CAD is at the worst levels of the day, down 123 pips to 1.2785.

The chart shows the break of the Sept/Aug lows and the 200-day moving average today. Combined, that’s a very powerful negative signal.

The next level of support is lighter at the May lows near 1.2730 which is another 150 pips away. Naturally, there are some oversold short-term conditions but that’s exactly what you would expect after a NAFTA deal.

I don’t think that support is going to stand in the way of this pair as it gathers momentum to the downside. The measured target of the break of the latest double bottom coincides nicely with the April low of 1.2528.ForexLive

This article was originally published by Forexlive.com. Read the original article here.