USD/CAD falls to a fresh 10-week low as the topping formation nears a test

USD/CAD down to the lowest since late July Canada was off on holiday yesterday so we're seeing elevated flows in USD/CAD. The market is also coming around to the realization that oil prices are at a 7-year high, along with all that entails for Canadian terms of trade and investment. We've edged below last week's lows now as risk sentiment stabilizes and oil prices chop around $80.75. The technical level to watch is 1.2422, which is the late July low. I've highlighted the head and shoulders top in this pair over the past week and how the fundamentals also align with a drop, targeting 1.20. The picture in CAD/JPY is even rosier and that pair is now testing the 2017 highs. Invest in yourself. See our forex education hub.

USD/CAD falls to a fresh 10-week low as the topping formation nears a test

USD/CAD down to the lowest since late July

Canada was off on holiday yesterday so we're seeing elevated flows in USD/CAD. The market is also coming around to the realization that oil prices are at a 7-year high, along with all that entails for Canadian terms of trade and investment.

We've edged below last week's lows now as risk sentiment stabilizes and oil prices chop around $80.75.

The technical level to watch is 1.2422, which is the late July low.

USD/CAD down to the lowest since late July
I've highlighted the head and shoulders top in this pair over the past week and how the fundamentals also align with a drop, targeting 1.20.

The picture in CAD/JPY is even rosier and that pair is now testing the 2017 highs.

CADJPY
Invest in yourself. See our forex education hub.