Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

USD/CAD Technical Outlook - 2

|Includes:CurrencyShares Canadian Dollar Trust ETF (FXC)

In our last analysis, we correctly identified an excellent buying opportunity in the bottom of the trading channel which yielded about 300 pips.

Now and taking into account the bearish formations being observed, we favor the Greenback to go south against the Loonie. We expect the pair to trade lower from current levels down to the channel bottom.

(click to enlarge)Click to enlarge

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in FXC over the next 72 hours.

Stocks: FXC