We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.įX PUBLICATIONS IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias from a sentiment standpoint.
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Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trade levels.įor a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on B uilding a T rading S trategy Canadian Dollar Trader Sentiment – USD/CAD Price Chart A pivot below this support zone would threaten resumption of the broader downtrend towards fresh three-month lows. From a trading standpoint, a good zone to reduce short-exposure / lower protective stops - look for a reaction into the upper parallel IF reached with a close above 1.2589 needed to shift the focus back toward the yearly open at 1.2713. īottom line: USD/CAD has set the weekly opening-rang just above key near-term support – look to the breakout for guidance with the bears vulnerable while above. A break lower from here would threaten another bout of losses towards subsequent support objectives at the March low / 61.8% retracement at 1.2365/66 and the July lows at 1.2302. Initial r esistance eyed at the September low-day close at 1.2525 with bearish invalidation now lowered to the upper parallel / 38.2% Fibonacci retracement at 1.2589 – a breach / close above this threshold is needed to suggest a more significant near-term low is in place. Notes: A closer look at Loonie price action shows USD/CAD trading within the confines of a descending channel formation with the lower parallel further highlighting near-term support at 1.2422/40. Canadian Dollar Price Chart – USD/CAD 120min Technical Outlook: In my last Canadian Dollar Price Outlook we noted that USD/CAD was trading, “ within the confines of a broad multi-month price consolidation and we’ll be looking for the breakout to offer guidance as we head into October trade.” A downside break of the lower bounds on October 7 th fueled a decline of more than 1.2% with the sell-off settling just above confluence support at the late-July lows / 100% extension of the August decline at 1.2422/40 – looking for possible price inflection off this threshold in the days ahead. Webinar has ended Canadian Dollar Price Chart – USD/CAD DailyĬhart Prepared by Michael Boutros, Technical Strategist USD/CAD on Tradingview