Canadian Greenback Technical Forecast: USD/CAD Weekly Commerce Ranges
- Canadian Greenbackup to date technical commerce ranges – Weekly Chart
- USD/CAD rally off pattern assist places deal with yearly highs
- Weekly assist 1.2540, 1.2453(key) – Resistance 1.2749-1.2814 (important), 1.2901
The Canadian Greenback is off greater than 0.85% in opposition to the US Greenback this week with USD/CAD making an attempt to mark a fourth consecutive weekly advance. A rally off uptrend assist shifts the main focus again in direction of uptrend resistance close to the yearly range-highs. These are the up to date targets and invalidation ranges that matter on the USD/CAD weekly technical worth chart. Evaluation my newest Weekly Technique Webinar for an in-depth breakdown of this Loonie technical setup and extra.
Canadian Greenback Value Chart – USD/CAD Weekly
Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview
Notes: In my final Canadian Greenback Weekly Technical Forecast we famous that USD/CAD was, “making an attempt to rebound off confluent support across the yearly vary lows. From at buying and selling standpoint, search for losses / pullbacks to be restricted to this week’s open at 1.2514 IF worth is heading greater with an in depth above 1.2814 finally wanted to mark resumption of the broader 2021 uptrend.” Value defended the yearly vary lows at 1.2453 for a 3rd time this week earlier than rebounding sharply greater with USD/CAD now set for a attainable run again in direction of key resistance on the 61.8% Fibonacci retracement of the December decline / 2021 high-week shut at 1.2749-1.2814 – a breach / weekly shut above this threshold is required to mark resumption of the broader uptrend in direction of the yearly vary highs at 1.29.
Backside line: USD/CAD is constructing on a rebound off pitchfork assist – the main focus is on this stretch again in direction of key resistance close to the yearly high-closes. From a buying and selling standpoint, look to cut back parts of long-exposure / increase protecting stops on a stretch in direction of 1.2749-1.2814– an space of curiosity for attainable worth inflection IF reached. Respecting the weekly closes right here will probably be important. I’ll publish an up to date Canadian Greenback Value Outlook as soon as we get additional readability on the near-term USD/CAD technical commerce ranges.
For an entire breakdown of Michael’s buying and selling technique, evaluation his Foundations of Technical Evaluation sequence on Building a Trading Strategy
Canadian Greenback Dealer Sentiment – USD/CAD Value Chart
- A abstract of IG Shopper Sentiment reveals merchants are net-short USD/CAD – the ratio stands at -1.07 (51.60% of merchants are lengthy) – sometimes impartial studying
- Lengthy positions are38.32% decrease than yesterday and 22.61% decrease from final week
- Quick positions are 14.50% greater than yesterday and 1.07% greater from final week
- We sometimes take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests USD/CAD costs might proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Latest modifications in sentiment warn that the present USD/CAD worth pattern might quickly reverse greater regardless of the very fact merchants stay net-long.
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— Written by Michael Boutros, Technical Strategist with DailyFX
Observe Michael on Twitter @MBForex
DailyFX supplies foreign exchange information and technical evaluation on the developments that affect the worldwide foreign money markets.