Review this week’s Strategy Webinar for an in-depth breakdown of these setups and extra.Canadian Greenback Value Chart - USD/CAD
Review this week’s Strategy Webinar for an in-depth breakdown of these setups and extra.
Canadian Greenback Value Chart – USD/CAD 240min
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
In my newest Canadian Dollar Price Outlook we famous that USD/CAD was, “approaching a essential resistance threshold and we’re looking out for near-term topside exhaustion up right here.” The resistance zone in focus is 1.3335/55– a area outlined by the 61.8% retracement of Could decline and the Could high-day shut. The advance stays weak into this area.
Preliminary assist rests with the decrease parallel / 1.3252 – a break / shut beneath this threshold is required to counsel a bigger decline is underway. Subsequent resistance targets at 1.3384 and 1.3435/37 (essential) within the occasion of a breach. Assessment my newest Canadian Dollar Weekly Price Outlook for a more in-depth have a look at the longer-term USD/CAD technical buying and selling ranges.
Canadian Greenback Dealer Sentiment – USD/CAD Value Chart
- A abstract of IG Client Sentiment reveals merchants are net-short USD/CAD – the ratio stands at -3.07 (24.56% of merchants are lengthy) – bullish studying
- Lengthy positions are 2.27% greater than yesterday and 15.73% decrease from final week
- Quick positions are 9.16% greater than yesterday and 20.38% greater from final week
- We sometimes take a contrarian view to…