-
Canadian Dollar Outlook: USD/CAD Breakout Barges Through 1.3500
The US Dollar has thus far held its breakout out of the falling wedge formation and there are few major pairs where that bullish theme has shown as clearly as USD/CAD. The US Dollar set its current yearly low last month just a few days after the release of CPI data. In the US Dollar (via DXY) that created a short-term double bottom formation that soon led to a breakout, but in USD/CAD, the support inflection on Friday July 14th showed at a key spot on the chart, as taken from a trendline projection connecting May 2021 and June 2022 swing lows. That support inflection is noted with a red box on the below weekly chart, ... (full story)