The US dollar fell against the Canadian dollar again on Thursday, reaching towards the 1.25 handle again. If we can break down below there, the market can pick up speed to the downside from what I see. However, I think it might be a bit difficult to do. It would not surprise me at all to have a bit of a bounce, but I think that the 1.26 level above will be resistive. A break above there would change some things, and this of course will be reflected as a reaction to the Janet Yellen speech today. I expect volatility but it certainly seems as if the sellers are in control.
Written by FX Empire