Canadian Dollar Technical Outlook: USD/CAD Plunge Tests Critical Support Ahead of BoC, Fed
USD/CAD has surrendered much of its October rally after reversing from yearly highs, with bears threatening to unravel the broader recovery.
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Canadian Dollar Technical Outlook: USD/CAD Multi-Timeframe Analysis
USD/CAD technical analysis shows the pair stalling at confluence support after a 2% pullback, just as Bank of Canada and Fed rate decisions land. Michael Boutros, StoneX Media Senior Market Analyst, walks through the monthly, daily and intraday USD/CAD charts. After a rally of more than 4% off the August low, USD/CAD broke its monthly opening range and slid into a zone where Fibonacci, prior closes and a channel line converge. Markets price a Fed hold and look ahead to December, with core PCE inflation and Q3 GDP close behind.
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--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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