Canadian Dollar Technical Price Outlook: Near-term Trade Levels
- Canadian Dollar[1] updated technical trade levels – Daily & Intraday Charts
- USD/CAD[2] breakdown testing key support zone into monthly open
- Immediate focus is on 1.36 support zone – risk is slower sub-1.3855
The US Dollar[3] is down more than 7% since the March highs against the Canadian Dollar[4] with USD[5]/CAD now probing key near-term support into the start of June trade. These are the updated targets and invalidation levels that matter on the USD[6]/CAD price charts heading into the monthly open. Review my latest Weekly Strategy Webinar[7] for an in-depth breakdown of this Loonie trade setup and more.
Canadian Dollar Price Chart – USD/CAD Daily
Chart Prepared by Michael Boutros[8], Technical Strategist; USD/CAD on Tradingview[9]
Technical Outlook: In my last Canadian Dollar Price Outlook[10] we note to be on the lookout for, “topside exhaustion ahead of the late-March trendline IF price is indeed heading lower with a break below the objective May opening-range[11] needed to fuel the next leg lower in price.” USD/CAD broke below the monthly opening-range on May 26th with the decline now testing a critical support zone at 1.3602/10 – a region defined by the 61.8% Fibonacci[12] retracement of the yearly range and the 100% extension of the decline off the March high.
The focus is on this threshold today with a break / close below needed to keep the short-bias viable with subsequent support objectives at the Mary 2019 high-day close at 1.3515 and the March / 2017 opens at 1.3433/35. Daily resistance at 1.3855 with broader bearish invalidation at the April low-day close /
