Review this week’s Strategy Webinar for an in-depth breakdown of these setups and extra.Loonie Worth Chart - USD/CAD 120minChart R
Review this week’s Strategy Webinar for an in-depth breakdown of these setups and extra.
Loonie Worth Chart – USD/CAD 120min
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
In my most up-to-date Canadian Dollar Price Outlook, we famous that USD/CAD was, “testing the primary main help hurdle on the again of final week’s reversal and we’re in search of a response right here.” The extent in focus was the 1.3145/55 confluence zone the place the 61.8% retracement of the July rally converges on the July opening-rang excessive. Worth registered a low at 1.3134 earlier than rebounding with the advance breaching the weekly opening-range excessive immediately.
The instant threat stays larger for now after rebounding off downtrend help with preliminary resistance goals at 1.3228 & 1.3246 – each ranges of curiosity for attainable topside exhaustion IF reached. Any larger and also you’re risking a run on the higher parallels with broader bearish invalidation at 1.3288. Backside line, larger then decrease once more is the game-plan whereas inside this formation. A break of the weekly lows would mark resumption concentrating on the 78.6% retracement at 1.3094. Evaluation my newest Canadian Dollar Weekly Price Outlook for a longer-term take a look at the technical image for USD/CAD.
USD/CAD Dealer Sentiment
- A abstract of IG Client Sentiment reveals merchants are…