USD/CAD Coil Continues. . .
USD/CAD has continued to coil within the confines of a massive multi-month consolidation pattern - with the yearly opening-range intact heading into May trade.
Key event risk on tap this week with the FOMC rate decision followed by US & Canada employment figures on Friday- expect volatility.
Resistance eyed at 1.3688 backed by slope resistance/ the yearly high-close around 1.3828- close above would be needed to validate a breakout.
Yearly open support at 1.3545 backed by the 200DMA (currently ~1.3435). Broader bullish invalidation steady with the yearly low-day close at 1.3314.
Additional Resources:
Canadian Dollar technical forecast: USD/CAD weekly trade levels
Michael Boutros, Sr Technical Strategist with FOREX.com
MBForex
Key event risk on tap this week with the FOMC rate decision followed by US & Canada employment figures on Friday- expect volatility.
Resistance eyed at 1.3688 backed by slope resistance/ the yearly high-close around 1.3828- close above would be needed to validate a breakout.
Yearly open support at 1.3545 backed by the 200DMA (currently ~1.3435). Broader bullish invalidation steady with the yearly low-day close at 1.3314.
Additional Resources:
Canadian Dollar technical forecast: USD/CAD weekly trade levels
Michael Boutros, Sr Technical Strategist with FOREX.com
MBForex
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.