Canadian Dollar Technical Price Outlook: USD / CAD Weekly Commodity Levels
- Canadian dollar updated technical trade level – weekly schedule
- USD / CAD breakout eyes first major resistance barrier- vulnerable annual
- Critical Support 1.2230 – Resistance 1.2579-1.2635, 1.2713 The key
The Canadian dollar has started the third week of a series of losses US dollar together USD/CAD the breakthrough rose to a low of more than 4.1% in May. Although the outlook for the medium term is still constructive, immediate progress in the coming days may be vulnerable as prices fall into the first major zone of technical resistance. These are updated targets and cancellation levels USD/CAD weekly technical price charts. Overview my last Strategy webinar for its thorough distribution Loonie technical setup and more.
Canadian Dollar Price Chart – USD / CAD per week
Notes: My last month’s Canadian dollar Weekly price outlook we emphasized the support for the downward trend of the rebound merger with the USD / CAD, while noting that “losses should be limited to 1.2247 if the price actually rises higher if the breach / foreclosure exceeds 1.2634, which is ultimately necessary to note that lower . ” The following week, the price was lower than 1.2252, before accumulating more than 2.7% when the down payment took Loonie to key technology rexistence range 1.2579-1,2634– The area defined under the 2018 target is open and 23.6% Fibonacci Reversing the 2020 decline. We are looking for a possible price curve outside this threshold.
Moon open support rests at 1.2395 wider bullish the repeal now raised the lowest level in May 2018 to 61.8% 1.2230 / 47– an area of interest for possible exhaustion IF reached. Top breakage / closure median line (blue) / open every year 1.2713 would be needed to mark a continuation with a scenario that would reveal a 52-week moving average / 2021 high week closing time 1.2762 / 74 and annual peaks 1.2881.
Bottom line: The USD / CAD breakthrough has expanded into the first major weekly resistance barrier – looking for a turnaround where the May rally is below. From a trading perspective, there is a risk of a larger correction, while losses on open loans under one year should be limited to 1.2230 if prices rise higher and the top breaks, keeping the focus at the end of the annual high week. Check out my latest review Canadian dollar Price outlookfor a closer look at the level of USD / CAD technical trade in the near future.
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Canadian Dollar Trader Rating – USD / CAD Price Chart
- Summary IG customer mood shows that traders have a net long USD / CAD ratio of +2.06 (67.31% of traders are long) – usually bear reading
- There are long positions11.93% higher than yesterday and 6.41% higher than last week
- Short positions are 9.33% higher than yesterday and 6.72% higher than last week
- We usually view the contradictory situation of the crowd and the fact that traders are net long indicates a continuing decline in USD / CAD prices. Traders are online longer than yesterday, but less online than last week. The combination of current positioning and recent changes gives us another mixed USD / CAD trading bias from a feeling position.
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– Written Michael Boutros, DailyFX Technical Currency Strategist
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