Canadian Greenback Technical Value Outlook: USD/CAD Weekly Commerce Ranges

  • Canadian Greenbackup to date technical commerce ranges – Weekly Chart
  • USD/CAD rebounds off key technical help confluence at 1.3057
  • Resistance now 1.3364 – Break decrease exposes 1.2952

The Canadian Greenback snapped an eight-week successful streak towards the US Greenback final week with USD/CAD rebounding off technical help into the September open. A aid rally within the dollar could provide a bigger restoration right here however the broader threat stays weighted to the draw back after breaking under multi-year uptrend help final month. These are the up to date targets and invalidation ranges that matter on the USD/CAD weekly technical worth chart. Assessment my newest Technique Webinar for an in-depth breakdown of this Loonie technical setup and extra.

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Canadian Greenback Value Chart – USD/CAD Weekly

Canadian Dollar Price Chart - USD/CAD Weekly - Loonie Trade Outlook - Technical Forecast

Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

Notes: In final month’s Canadian Greenback Weekly Value Outlook we famous {that a} five-week decline had taken USD/CAD into multi-year uptrend help and to be the lookout, “for topside exhaustion forward of 1.3515 IF worth is certainly heading decrease.” Loonie continued to its’ advance into the shut of August earlier than rebounding off confluence help at with USD/CAD up almost 1% for the reason that begin of September.

The help zone in focus is 1.5057– a degree outlined by the 61.8% Fibonacci retracement of the complete 2017 advance. Channel help converges on the 2020 yearly opening-range lows at 1.2952 and a break / shut under this threshold is required to gasoline the subsequent leg decrease in USD/CAD in the direction of 1.2782. Key resistance now stands at 1.3323/64 with a breach / shut above the 2019 high-week shut at 1.3515 wanted to shift the broader focus again to the topside.

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Backside line: USD/CAD responded to key Fibonacci help early within the month and whereas additional topside could also be doubtless near-term, the broader threat stays weighted to the draw back whereas under 1.3364. From a buying and selling standpoint, search for topside exhaustion / swing excessive whereas inside this channel with a break under the yearly vary lows to threat accelerated losses for the Greenback. Assessment my newest Canadian Greenback Value Outlook for a more in-depth have a look at the near-term USD/CAD technical commerce ranges.

For an entire breakdown of Michael’s buying and selling technique, assessment his Foundations of Technical Evaluation collection on Building a Trading Strategy

Canadian Greenback Dealer Sentiment – USD/CAD Value Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Technical Forecast - Trade Outlook

  • A abstract of IG Shopper Sentiment reveals merchants are net-long USD/CAD – the ratio stands at +70.17 (70.17% of merchants are lengthy) – bearish studying
  • Lengthy positions are2.52% increased than yesterday and 5.88% increased from final week
  • Brief positions are16.25% increased than yesterday and eight.58% increased from final week
  • We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests USD/CAD costs could proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Current modifications in sentiment warn that the present USD/CAD worth development could quickly reverse increased regardless of the actual fact merchants stay net-long

of purchasers are web lengthy.

of purchasers are web quick.

Change in Longs Shorts OI
Each day 2% 6% 3%
Weekly 19% 18% 19%

Key US / Canada Information Releases

US / Canada Data Releases - USD/CAD Economic Calendar

Financial Calendarnewest financial developments and upcoming occasion threat.

Earlier Weekly Technical Charts

— Written by Michael Boutros, Technical Forex Strategist with DailyFX

Comply with Michael on Twitter @MBForex