The Canadian Dollar is on the defensive against the US Dollar again this week with USD/CAD breaking to fresh monthly highs yesterday to mark the largest single-day advance since May 11. The rally is now approaching initial resistance hurdles and the risk rises for possible near-term exhaustion / price inflection into these levels. These are the updated targets and invalidation levels that matter on the USD/CAD short-term technical charts. Technical Outlook: In last month’s Canadian Dollar Short-term Outlook we noted that USD/CAD had, “rallied more than 2.7% off the lows with a breakout of the late-November downtrend ... (full story)