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Collins: USDCAD set to go lower
Alan Collins from 3c Analysis is looking at USDCAD and how renewed selling pressure may impact the pair.
That consolidation – or reaction - ended with Thursday's renewal of significant selling interest. Prices broke the average and moved to the base of a Keltner channel that is still trending negatively. The way is open for a sizeable move lower in the coming days, he adds.
Target for the trade is 1.2088, this month’s low, but a move through that point then exposes sentiment to 1.1988, a 38% pullback of the rise from last July’s low.
00:58 minutes
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