Canadian Dollar Technical Price Outlook: USD / CAD Weekly Trading Levels
- Canadian dollar updated technical trade levels – weekly schedule
- USD / CAD recovery struggles on the back of high resistance
- Weekly support ~ 1.24, 1.2312-critical resistance 1.2579-1.2634
The Canadian dollar is a fraction higher than US dollar together this week USD/CAD fell more than 0.25% in New York on Thursday. Dollar losses are coming at the height of technical resistance and threaten to recede deeper in the coming days before trying a resurgent rally. These are updated targets and invalidity levels USD/CAD weekly technical price charts. Inspection my last Strategy webinar for its thorough distribution Loonie technical setup and more.
Canadian Dollar Price Chart – USD / CAD per week
Notes: In last month Canadian dollar Weekly price forecast we noted that “USD / CAD Rally Exhaustion At the end of this week’s peak week, the bulls may be in danger in the near future. From a trading perspective, gatherings should be limited to the annual opening at 1.2713IF the interpretation of the corrections is correct. “The price fell more than 3% from its highest level in the following weeks when Loonie returned to the slope at the end of July. Further recovery is now testing important technicalities rexistence here in 2018 every year open / 2020 decline of 23.6% retracement at 1.2579-1.2634– searches for a turn in this turning zone.
Initial support is located on a sliding parallel (red) extending from the low level of January 2019 (currently close to it) 1.24-get by bullish repeal at the lowest level in 2018 / 61.8% Fibonacci retracement should 1.2247-1.2312– is interested in possible exhaustion once it has been achieved. In this scenario, it is necessary to increase the breakage / closure of the cups above the 52-week moving average to confirm greater fracture in this scenario. 1.2774 and critical resistance 1.2975-1.3023.
Bottom line: The USD / CAD trades slightly below the significant technical turning zone and the risk of deeper adjustment is below this threshold. In terms of trading, look for exhaustion before 1.2634, with a larger withdrawal, which is likely to offer more favorable entries to restore a broader trend closer to 1.23. Review my last one Canadian dollar Price prospects a closer look at the USD / CAD technical trade in the near future.
For a complete breakdown of Michael’s trading strategy, review his strategy Series Fundamentals of Technical Analysis on Bcultivation a Tradiant Strategy
Canadian Dollar Trader Mood – USD / CAD Price Chart
- Summary IG customer mood shows that traders have a net long USD / CAD ratio of +1.71 (63.13% of traders are long) – usually cart reading
- There are long positions6.65% lower than yesterday and 2.15% higher than last week
- Short positions are 8.93% higher than yesterday and 1.63% higher than last week
- We usually take the opposite view of crowd sentiment, and the fact that traders are net lengths suggests that USD / CAD prices continue to fall. Traders have less network lengths than yesterday, but more than last week. The combination of current positioning and recent changes gives us an even more mixed USD / CAD trading bias a feeling position.
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– Written Michael Boutros, Technical Currency Strategist with DailyFX
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