The short-term indication for the Canadian Dollar Futures market is for a pullback in prices. Currently monitoring the September contract, our FDates indicator highlighted in advance that 7/27 would likely produce a daily cycle top. Looking back a couple of days, we see this has occurred a day early, as 7/26 confirmed as a daily swing top due to prices topping on 7/26 followed by prices breaking below its low.
For those following the Forex, however, you need to look at the INVERSE. The Canadian Dollar Futures contract is likened to a CAD/USD pair. However, the commonly traded pair for the CAD is USD/CAD, the inverse of the futures direction. Therefore, expect the USD/CAD to likely establish a short-term cycle bottom with prices bullish 'overall' leading into week of August 11.
There is an additional strong indication of this being a probable short-term outcome for the Canadian Dollar to support the FDates cycle turn indication.
Naturally, this is not a trading recommendation but an observation based on strong cyclic indications. Trading against the prevailing trend is always a high risk proposition.
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