Forex - Canadian Dollar Makes Multi Year Lows

Exactly one year ago the Canadian dollar was making multi year highs but as you can see in the above chart this currency is now making multi year lows! Over the last four weeks the Canadian dollar has been selling off sharply literally falling out of bed. It looks like a bounce is due which may offer another shorting opportunity if things set up.

Canadian Dollar Is Testing Major Support

The Canadian Dollar has been in a bull market for the past 6 years and is now testing a very significant uptrend line. You'll notice in the above weekly chart that the Canadian Dollar has closed slightly below the trendline which may be a sign that further weakness can be expected for this currency.