The Canadian Dollar rallied greater than 3% in opposition to the US Dollar because the September extremes with USD/CAD plummeting
The Canadian Dollar rallied greater than 3% in opposition to the US Dollar because the September extremes with USD/CAD plummeting into preliminary downtrend assist targets into the open of the month / 12 months. These are the up to date targets and invalidation ranges that matter on the USD/CAD worth charts heading the beginning of January commerce.
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Canadian Greenback Value Chart – USD/CAD Each day
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
Technical Outlook: In my newest Canadian Dollar Price Outlook we highlighted a well-defined vary in USD/CAD simply above the November lows whereas noting a, “break under 1.3086 wanted to gasoline the following decrease in worth.” A detailed slightly below this threshold on Friday noticed the decline speed up into finish of the month / 12 months with worth now responding to confluence downtrend assist at 1.2971 – a area outlined by the 100% extension of the 2019 decline and the 78.6% retracement of the October…