September Canadian dollar futures present a selling opportunity on further price weakness, with prices trending lower and recently hitting a contract low. A move below chart support at the contract low of 0.7043 would trigger a sell signal, targeting a downside objective of 0.6850 or below. Technical resistance for placing a protective buy stop is located at 0.7125. The U.S. dollar index is in rally mode amid expectations of a more hawkish Federal Reserve under new Chair Kevin Warsh, while the U.S. economy continues to show resilience.
Advanced Micro Devices IncHawkish Fed expectations under new Chair Warsh strengthen USD, while CAD weakens on technical selling