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Canadian Dollar Technical Analysis: USD/CAD Sinks After Failed Breakout

USD/CAD set a fresh yearly high on the first day of November, and the picture is quite a bit different today as that breakout has, so far, failed.

Canadian Dollar Outlook: USD/CAD Breakout Sets Up for Pullback

USD/CAD has been one of the stronger major pairs during the recent theme of US Dollar strength and after setting another fresh two-month-high this morning, the pair appears to be setting the stage for a pullback. Bulls have fiercely defended 1.3500 since the break – can they continue to hold the big figure?

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Canadian Dollar Outlook: USD/CAD Breakout Barges Through 1.3500

The US Dollar has been in a strong bullish move over the past month but that’s been expressed well in USD/CAD, where USD strength has been matched with CAD weakness. USD/CAD tested a fresh two-month-high this morning while testing above a key psychological level at 1.3500. Can bulls hold the trend with higher low support at prior resistance?

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Canadian Dollar Technical Analysis: USD/CAD, EUR/CAD, CAD/JPY

USD/CAD extended a bullish breakout this week while starting re-test of the 1.3500 psychological level. Bulls held the move despite US CPI coming in below expectations and CAD/JPY retains breakout potential given an ascending triangle formation. EUR/CAD on the other hand may offer some pullback potential given a hold at a key Fibonacci level of resistance.

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USD/CAD Technical Analysis: CAD Breakdown Pulls Back, US CPI in Focus

USD/CAD spent more than a month building longer-term support above the 1.3100 handle and started August with a strong topside breakout that’s finally started to pullback. Tomorrow’s US CPI print looms large as this is the next major macro driver for the USD. Will USD/CAD bulls be able to continue the trend?

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August 9, 2023 02:40 PM
Gold nuggets

Gold Prices Bounce from 1900 as USD/CAD Shows Signs of Reversal

USD/CAD broke out of a falling wedge formation earlier in the week, and spot Gold is working on a morning star formation which could open the door to a deeper pullback move if bulls can hold the line.

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June 30, 2023 03:10 PM

Canadian Dollar Price Analysis: USD/CAD Breaks Out from Falling Wedge

USD/CAD is bouncing from range support while breaking out of a shorter-term falling wedge pattern. Can bulls hold higher-low support to continue the move?

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April 19, 2023 02:16 PM
Research

Canadian dollar analysis: USD/CAD knocking on key 1.3605 support

USD/CAD is forming a potential descending triangle pattern into 1.3650 support ahead of key data tomorrow.

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March 23, 2023 03:33 PM
Research

US CPI preview: Fed rate expectations dive, USD/CAD tests 1.37

In the wake of the implosion of SVB, traders are dialing down their expectations for Fed hawkishness next week...

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March 13, 2023 10:54 AM

USD/CAD: Ascending Triangle, Fibonacci Resistance

USD/CAD is showing bullish breakout potential ahead of a busy economic calendar with the Bank of Canada on the calendar for tomorrow.

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March 7, 2023 09:43 AM
Research

Will USD/CAD break key resistance at 1.35 after soft Canadian CPI?

The just-released Consumer Price Index (CPI) in Canada rose 5.9% year-over-year in January...what does that mean for USD/CAD?

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February 21, 2023 09:21 AM
Research

BOC Governor Macklem sticks to the script, USD/CAD consolidates

The bank's latest forecast shows the annual rate of inflation slowing to around 3% by the middle of 2023, and reaching 2.5% by the fourth quarter.

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February 7, 2023 03:00 PM
Research

Market pricing and economists favour a 25bp hike from the BOC tomorrow

Market pricing and the consensus among economists firmly points towards a 25bp hike from the BOC tomorrow.

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January 23, 2023 07:11 PM
Bank notes of different currencies

What is a fiat currency? Everything you need to know about the classic monetary asset

A fiat currency is any monetary instrument backed by a national government. Learn how fiat currencies operate and how they compare to other types of money.

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October 26, 2022 10:52 AM

USD/CAD: A tale of two labor markets

Traders are still digesting last week’s US jobs report, but one thing is clear: The US labor market is outperforming Canada’s...

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August 9, 2022 03:57 PM
Downward trend

Technical view: CAD/JPY’s rally is lagging…are we seeing a reversal?

Fundamental trends show no imminent signs of reversing, but CAD/JPY’s chart nonetheless suggests that there may be an opportunity for one or both of these currencies to reverse some of this year’s moves.

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July 28, 2022 09:36 AM

Don’t sleep on USD/CAD’s consolidation at 1.25! The key levels to watch this week

Friday’s Canadian jobs report will be worth watching - see why!

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April 4, 2022 03:00 PM

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Gold Sand

Two trades to watch: USD/CAD, Gold

USDCAD battles hawkish Fed & higher oil prices. Gold could come under pressure as Fed Powell talks hikes.

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March 22, 2022 04:18 AM
Currency exchange rate board of multiple currencies

Weekly COT report: Divergences form between FX prices and trader positioning

As the data was compiled ahead of the FOMC meeting its likely there are some distortions in this week’s speculative positioning report.

Canadian CPI at 30-year highs, USD/CAD bears remain in control

Canada’s annual inflation rate just rose to 4.8%, its highest level since 1991 - how will that impact USD/CAD?

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January 19, 2022 11:16 AM

Bank of Canada meeting preview: BOC inching closer to rate hikes

We expect the BOC to reiterate that the Canadian economy is on track for a full recovery next year, and that an interest rate hike cycle could begin as soon as H1...

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December 6, 2021 09:32 AM
Downward trend

EUR/CAD: Lopsided short positioning may hint at a bullish reversal

When a market is seeing lopsided short positioning in deeply oversold territory after an historic collapse, the risks of an abrupt trend change start to rise...

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October 13, 2021 10:32 AM

Canadian election: Liberals fail to secure majority: USD/CAD; AUD/CAD

Trudeau’s efforts to secure a majority went unnoticed as voters kept things the same

September 21, 2021 12:28 PM