Review this week’s Strategy Webinar for an in-depth breakdown of these setups and extra.Canadian Greenback Worth Chart - USD/CAD
Review this week’s Strategy Webinar for an in-depth breakdown of these setups and extra.
Canadian Greenback Worth Chart – USD/CAD 120min
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
The Canadian Dollar discovered favor this week with USD/CAD paring final week’s NFP advance after failing at key near-term resistance on the confluence of the 61.8% retracement of the late-November decline and the target month-to-month open at 1.3263/70. The decline retains worth inside with the confines of this descending pitchfork formation with worth testing the December vary lows immediately in US commerce.
Preliminary resistance now 1.3216 with near-term bearish invalidation now lowered to 1.3229. Key help rests on the 61.8% retracement at 1.3151 backed intently by the decrease parallel and 1.3134– a break under this threshold is required to maintain the short-bias viable with such a state of affairs exposing the 100% extension on the 1.31-handle. Assessment my newest Canadian Dollar Weekly Price Outlook for a better take a look at the longer-term USD/CAD technical buying and selling ranges.
Canadian Greenback Dealer Sentiment – USD/CAD Worth Chart
- A abstract of IG Client Sentiment reveals merchants are net-long USD/CAD – the ratio stands at +1.10 (52.43% of merchants are lengthy) – weak bearish studying
- Lengthy positions are 29.93% larger than yesterday and 17.88% larger from…