The Canadian Dollar is firmer on the week however preserve USD/CAD throughout the confines of the month-to-month uptrend heading
The Canadian Dollar is firmer on the week however preserve USD/CAD throughout the confines of the month-to-month uptrend heading into an prolonged vacation break and the shut of November commerce. The flip in worth comes simply forward of a essential resistance vary and we’re looking out for proof of a near-term exhaustion excessive as worth approaches uptrend assist. These are the up to date targets and invalidation ranges that matter on the USD/CAD worth charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Loonie worth setup and extra.
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Canadian Greenback Worth Chart – USD/CAD Each day
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
Technical Outlook: In my newest Canadian Greenback Worth 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 extent in focus was 1.3335/55– a area outlined by the September high-day shut and the 61.8% retracement of the late-Might decline. Worth registered a excessive at 1.3328 final week earlier than failing with the decline turning from longer-term downtrend parallel resistance. The transfer retains worth throughout the confines of the ascending channel formation we’ve been monitoring for weeks now and the main focus is on a…