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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