Thursday, February 25, 2021

Canadian Greenback Outlook: USD/CAD Threatens Main Breakdown

Canadian Greenback Technical Worth Outlook: Close to-term Commerce Ranges

  • Canadian Greenback up to date technical commerce ranges – Day by day & Intraday Charts
  • USD/CAD testing essential help range- in search of inflection
  • Key help into 1.2579 – broader danger stays decrease sub-1.27

The Canadian Greenback is trying a 3rd consecutive each day advance towards the US Greenback with USD/CAD persevering with to grind right into a essential help zone. We’re in search of a response down right here with a under wanted to maintain the rapid decline viable into the shut of the month. These are the up to date targets and invalidation ranges that matter on the USD/CAD worth charts. Evaluate my newest Technique Webinar for an in-depth breakdown of this Loonie technical setup and extra.

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Canadian Greenback Worth Chart – USD/CAD Day by day

Canadian Dollar Price Chart - USD/CAD Daily - Loonie Trade Outlook - Technical Forecast

Chart Ready by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

Technical Outlook: In my final Canadian Greenback Worth Outlook we highlighted that the USD/CAD restoration had faltered into the March trendline with the yearly opening-range preserved simply above a key help confluence. We famous that, “Finally, an in depth under 1.2579 would put the bears again into management.” At present’s low registered at 1.2580- concentrate right here.

Day by day resistance stands again the trendline / yearly open at 1.2713 – search for a response there IF reached with a breach / shut above the February open at 1.2785 wanted to counsel a bigger reversal is underway. A break under this key help zone would danger accelerated losses for the buck with such a situation exposing 1.2450 and the 2018 low-day shut at 1.2312.

Canadian Greenback Worth Chart – USD/CAD 120min

Canadian Dollar Price Chart - USD/CAD 120min - Loonie Trade Outlook - Technical Forecast

Notes: A more in-depth take a look at Loonie worth motion exhibits USD/CAD buying and selling throughout the confines of a descending pitchfork formation extending off the January / February highs with the weekly opening-range taking form simply above longer-term help at 1.25791.2619. Preliminary resistance eyed at 1.2665 backed by the 38.2% Fibonacci retracement / 2021 yearly open at 1.2695-1.2713. A draw back break from right here would maintain the give attention to subsequent help targets on the decrease parallel / 1.2527 and past and 1.2450.

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Backside line: The Canadian Greenback is difficult a significant breakout right here with USD/CAD now testing a essential pivot zone. From a buying and selling standpoint, a very good zone to cut back short-exposure / decrease protecting stops. Topside advances ought to be capped by the 1.27-handle IF worth is certainly heading decrease with a weekly shut under 1.2579 wanted to maintain the short-bias viable within the days forward. Bear in mind we’re heading into the shut of the month and as all the time, we’ll need to stay nimble as worth check this key inflection zone. Evaluate my newest Canadian Greenback Weekly Worth Outlook for a more in-depth take a look at the longer-term USD/CAD technical commerce ranges.

For an entire breakdown of Michael’s buying and selling technique, assessment his Foundations of Technical Evaluation sequence on Building a Trading Strategy

Canadian Greenback Dealer Sentiment – USD/CAD Worth Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Retail Positioning - Technical Forecast

  • A abstract of IG Consumer Sentiment exhibits merchants are net-long USD/CAD – the ratio stands at +2.99 (74.94% of merchants are lengthy) – usually bearish studying
  • Lengthy positions are8.00% greater than yesterday and 9.12% greater from final week
  • Quick positions are 58.00% greater than yesterday and eight.14% decrease from final week
  • We usually take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests USD/CAD costs might proceed to fall. But merchants are much less net-long than yesterday however extra net-long from final week and the mixture of present positioning and up to date adjustments offers us an extra combined USD/CAD buying and selling bias from a sentiment standpoint.

of purchasers are web lengthy.

of purchasers are web quick.

Change in Longs Shorts OI
Day by day 3% 64% 14%
Weekly 3% -6% 1%

Key US / Canada Information Releases

Key US / Canada Data Releases - USD/CAD Economic Calendar - Loonie Event Risk

Financial Calendarnewest financial developments and upcoming occasion danger.

Lively Technical Setups

– Written by Michael Boutros, Foreign money Strategist with DailyFX

Comply with Michael on Twitter @MBForex

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