USD CAD Poised to Take Out Support at 1.1981

The USD CAD is trading weaker this afternoon.  The charts indicate a possible acceleration to the downside following a break through the swing bottom at 1.1981.

Results from the FOMC meeting are helping to drive the USD CAD lower.  Currently the market is in a position to take out the last swing bottom at 1.1981.  This trade is likely to accelerate the break to the downside and set up a potential test of the next swing bottom at 1.1759.