The Canadian Dollar is on the counter-offensive in opposition to US Dollar early within the week after USD/CAD responded to the p
The Canadian Dollar is on the counter-offensive in opposition to US Dollar early within the week after USD/CAD responded to the primary main resistance hurdle final week. These are the up to date targets and invalidation ranges that matter on the USD/CAD weekly chart. Review this week’s Strategy Webinar for an in-depth breakdown of this Loonie value setup and extra.
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Canadian Greenback Chart – USD/CAD Weekly
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
Notes: In my final Canadian Dollar Weekly Price Outlook we famous that that the, “USD/CAD breakdown is testing the primary main help goal at 1.3052/58.” Worth rebounded sharply off this threshold with a 1.6% rally taking USD/CAD into key Fibonacci resistance final week on the 61.8% retracement of the September decline at 1.3252. Loonie marked a weekly doji into the highs an the speedy focus is on a response off this degree with the near-term advance in danger whereas under.
Preliminary help rests with the median-line of the modified descending pitchfork formation we’ve been monitoring off the yearly highs- at present round ~1.3156/63. This area can be outlined by the target November open and the 50% retracement of the late-October advance and additional highlights its technical significance….