Canadian Dollar Technical Outlook: USD/CAD Breakdown Tests Pivotal Support
USD/CAD is testing major technical support and a reaction here could validate the next phase of trend for the bears.
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Canadian Dollar Technical Outlook: USD/CAD Multi-Timeframe Analysis
The Canadian dollar has fallen nearly 2.8% from its June high, down five of the last six weeks against the U.S. dollar. Michael Boutros, Senior Market Analyst at StoneX, reads the Canadian dollar across the weekly, daily and four-hour charts. The yearly uptrend off the April lows broke last week, and the decline stalled on a cluster of long-term support where the 52-week and 200-day moving averages converge with a retracement of the yearly range. Price has held that zone for four sessions while a weekly opening range takes shape. Federal Reserve minutes, Canadian retail sales and U.S. purchasing managers' data all land before the week closes.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
Key USD/CAD Economic Data Releases
Active Short-term Technical Charts
- Australian Dollar Technical Outlook: AUD/USD Bulls Press a Pivotal Breakout Zone
- Gold Price Short-term Outlook: XAU/USD Breakout Faces a Defining Test
- US Dollar Short-term Outlook: USD Correction Pressures Pivotal Support
- Euro Short-term Outlook: EUR/USD Breakout Risk Builds Into Month-End
- Swiss Franc Short-term Outlook: USD/CHF Rally Presses Yearly Trend Resistance
- Japanese Yen Short-term Outlook: USD/JPY Defends the Uptrend as the Range Tightens
- British Pound Short-term Outlook: GBP/USD Breakout Attempts Major Trend Reversal
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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