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Canadian Dollar Short-term Outlook: USD/CAD Rally at Trend Resistance
USD/CAD rallied 0.8% off technical support at the monthly lows with the recovery now extending into resistance at the April downtrend. Battle lines drawn as the bulls try to recapture 1.37. These are the updated targets and invalidation levels that matter on the USD/CAD short-term technical charts heading into the close of the month. chart Technical Outlook: In my last Canadian Dollar Short-term Outlook we noted that the, “USD/CAD recovery is in focus heading into the May opening-range… From a trading standpoint, losses should be limited to the 1.36-handle with a breach / close above 1.3881 needed to mark ... (full story)