The Canadian Dollar is on the offensive again this week with a break of multi-year trend support taking USD/CAD to eight-month lows today. Price is now within striking distance of initial support objectives and the first major test for the bears. Battle lines drawn on the USD/CAD weekly technical chart. Technical Outlook: In last month’s Canadian Dollar Technical Forecast we noted that the USD/CAD recovery had failed at resistance near the yearly moving average and that our focus was on this pullback into, “key support at 1.3721/94- a region defined by the 38.2% retracement of the 2021 advance and the 61.8% … (full story)
