The US dollar had a choppy session against the Canadian dollar, as we continue to consolidate between 1.2160 and 1.2080 below. With this being the case, I think the market is trying to figure out where it wants to go next, and of course crude oil will have an effect on the market. Much of what we are seeing is probably a result of the market tried to catch his breath after a massive selloff. A breakdown below the 1.20 level is a signal that the next leg lower begins. As far as buying is concerned, I am a bit hesitant currently.
USD/CAD Video 13.9.17
This article was originally posted on FX Empire