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.
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.
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--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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