The Canadian Dollar[1] struggling to regain its footing against the US Dollar[2] with USD/CAD[3] trading just below near-term resistance into the start of the week. These are the updated targets and invalidation levels that matter on the USD[4]/CAD[5] charts. Review my latestWeekly Strategy Webinar[6] for an in-depth breakdown of this Loonie price setup and more.
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Canadian Dollar Price Chart – USD/CAD Daily
Chart Prepared by Michael Boutros[9], Technical Strategist; USD/CAD on Tradingview[10]
Technical Outlook: In my previous Canadian Dollar Price Outlook[11] we highlighted a key near-term resistance zone at 1.3284/88 while noting, “Expect acceleration IF price can break higher here with such a scenario exposing longer-term downtrend resistance near 1.3355.” A topside breach last week saw price register a high at 1.3348 before pulling back – is there more to go?
Initial support now rests back at the 61.8% retracement[12] at 1.3288 with broader bullish invalidation at the September channel line / monthly open at 1.3240. A topside breach targets the 100% extension at 1.3382- looking for a bigger reaction there IF reached.
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Canadian Dollar Price Chart – USD/CAD 120min
Chart Prepared by Michael Boutros[14], Technical Strategist; USD/CAD on Tradingview[15]
Notes: A closer look at Loonie price action shows USD[16]/CAD trading within the confines of an ascending pitchfork[17]formation extending off the September / October lows. The 75% parallel caught resistance on Friday at with short-term descending channel guiding this
