Dollar Index - a confluence of fib resistance on DXC is seen at 84.86-92 - this should keep a lid on any counter-trend move higher after this mornings move lower. We still see 84.42 as the key level - a break of this should intensify dollar selling as it will represent a break of the .786 retracement of the 5/15 low & 7/19 high.
USD/CAD - seems poised to continue lower - the re-test & failure of the broken trend-line at 1.1175 a few minutes ago is a good sign.
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Dave
Dave Floyd is a professional FX and stock trader based in Bend, OR and the President of Aspen Trading Group. Dave's approach to FX combines technical and fundamental analysis that results in trades that fall into the swing trading time frame of several hours to several days. For a free trial to Dave Floyd's Daily Forex Alerts click here.
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