Canadian Dollar Technical Outlook: USD/CAD Seven-Day Rally Tests Major Resistance
USD/CAD is pressing into a major technical barrier after an extended advance, raising the risk for price inflection as momentum stretches.
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Canadian Dollar Technical Outlook: USD/CAD Multi-Timeframe Analysis
The USD/CAD rally has logged four straight weekly gains, up nearly 3.4% from the August low and now testing the year's highest closing levels. Michael Boutros, StoneX Media Senior Market Analyst, walks through the weekly, daily and four-hour charts and the event calendar framing the move. The pair has risen on 13 of the last 14 days with daily momentum at its highest since June, and each of the last three seven-day advances was followed by at least a one-day pause. A close back below the pitchfork median line with RSI under 70 would open the door to a pullback, as Federal Reserve speakers, core PCE inflation, U.S. nonfarm payrolls and the Canada employment report land into the month and quarter turn.
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Key USD/CAD Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Short-term Technical Charts
- Euro Short-term Outlook: EUR/USD Pullback Nears Pivotal Uptrend Support
- British Pound Short-term Outlook: GBP/USD Selloff Breaks June Uptrend
- Australian Dollar Short-term Outlook: AUD/USD Reversal Tests Key Uptrend Support
- Gold Price Short-term Outlook: XAU/USD Bulls Fight to Stabilize at Pivotal Support
- Japanese Yen Short-term Outlook: USD/JPY Breakdown Faces Major Test Ahead of Fed, BoJ
- US Dollar Short-term Outlook: USD Selloff Accelerates Toward August Lows Ahead of NFP
- Swiss Franc Short-term Outlook: USD/CHF Breakout Puts Yearly Highs Back in Play
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on Twitter @MBForex
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