US/CAD - Extensive downside potential expected
Date: 6th September,2017 by Timothy Straiton
Current level is 1.2396, trading below the monthly pivot level of 1.2562 and also below the falling 200 day moving average of 1.3142. This currency pair is in oversold territory with the 14 week relative strength index at 30% and showing signs of positive divergence.Therefore a retracement can now be expected toward the 1.27 level before further downside momentum appears.The break below the previous major low of 1.2458 puts initial focus on the Fibonacci 38.2% downside projection target of 1.1606.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
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