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The Canadian Dollar is on the defensive with the recent US Dollar[1] recovery taking USD/CAD[2] within striking distance of multi-week downtrend resistance. These are the updated targets and invalidation levels that matter on the USD[3]/CAD[4] charts. Review this week’s Strategy Webinar[5] for an in-depth breakdown of this setup and more.

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USD/CAD Price Chart - Daily

USD/CAD Price Chart - US Dollar vs Canadian Dollar Daily - Loonie Outlook

Technical Outlook: In my latest Canadian Dollar Price Outlook[8] we noted that the advance was, “targeting confluence resistance at 1.3357/63- a region defined by the median-line of the descending pitchfork formation extending off the May highs, the 38.2% retracement[9] of recent sell-off, the May swing low and near-term up-channel resistance.” A topside breach on Friday fueled a weekly close just below the 1.3435/37 pivot zone with trendline confluence just higher around ~1.3460s – we’re looking for possible exhaustion off one of these two zones.

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USD/CAD 120min Price Chart

USD/CAD Price Chart - US Dollar vs Canadian Dollar 120min - Loonie Outlook

Notes: A closer look at Loonie price action shows USDCAD holding within the confines of an descending pitchfork[11] extending off the May highs and the risk remains weighted to the downside while within this formation. Interim support rests back at 1.3357/63 with a break below the median-line needed to mark resumption of the broader June decline targeting 1.3258 & 1.3175/98. A topside breach would keep the

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