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Canadian Dollar Short-term Outlook: USD/CAD Threatens July Uptrend

From forex.com

The Canadian Dollar bulls are poised with USD/CAD pulling back into multi-month uptrend support on the heels of the recent US inflation read. The focus is on possible price inflection here today at confluent support as the fate of the July uptrend hangs in the balance. These are the updated targets and invalidation levels that matter on the USD/CAD short-term technical charts into the close of the week. {chart} Technical Outlook: In last month’s Canadian Dollar Short-term Outlook we noted that USD/CAD was testing resistance at fresh yearly highs into the October-close, “a good zone to reduce portions of long-exposure ... (full story)

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  • Category: Technical Analysis