The Canadian Dollar is again on the offensive towards US Dollar early within the week with USD/CAD paring a portion of the post-N
The Canadian Dollar is again on the offensive towards US Dollar early within the week with USD/CAD paring a portion of the post-NFP advance. These are the up to date targets and invalidation ranges that matter on the USD/CAD weekly chart heading into FOMC. Review this week’s Strategy Webinar for an in-depth breakdown of this Loonie worth setup and extra.
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Canadian Greenback Chart – USD/CAD Every day
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
Notes: The Canadian Dollar has continued to commerce inside the confines of a modified descending pitchfork formation we’ve been monitoring off the yearly highs with worth failing on the 75% parallel for the third consecutive week on Friday. Key weekly assist rests on the confluence of the median-line and the 61.8% retracement of the October advance at 1.3151– a break / shut under this threshold is required to mark resumption of the broader downtrend concentrating on the 1.3052/58 backed by the 100% ext at 1.2972. Preliminary weekly resistance stands with the 2016 trendline (at present close to ~1.3330) with a breach / shut above the yearly high-week shut / 61.8% retracement at 1.3355/70 wanted to counsel a bigger breakout is underway.
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