Canadian Dollar Technical Outlook: USD/CAD Rebound Threatens August Downtrend
USD/CAD has rebounded sharply from the August lows, but bulls still need to clear key resistance to validate a larger reversal.
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Canadian Dollar Technical Outlook: USD/CAD Multi-Timeframe Analysis
The Canadian dollar has weakened as dollar CAD rebounded more than 1.5% off its monthly low into a pivot zone where three time frames converge. Michael Boutros, StoneX Media Senior Market Analyst, walks through the weekly, daily and four hour structure in dollar CAD and maps the event risk sitting on top of it. The U.S. dollar has been catching a bid as rising prices fuel concerns about the inflationary outlook, even with markets pricing roughly two thirds odds of a Federal Reserve move on rates next month. The Bank of Canada rate decision and U.S. nonfarm payrolls land in the same week, and payrolls carries the most weight for Federal Reserve pricing after Jackson Hole.
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--- Written by Michael Boutros, Sr Technical Strategist
Follow Michael on X @MBForex
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