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CAD Technical Forecast: USD/CAD Treading Water Around 2017 Low

CAD Technical Forecast: USD/CAD Treading Water Around 2017 Low

Paul Robinson, Strategist

CAD Technical Outlook

  • USD/CAD trading around the 2017 low
  • Neutral to bearish trading bias
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CAD Technical Forecast: USD/CAD Treading Water Around 2017 Low

Last week, USD/CAD was rather uneventful again around an eventful level. The 2017 low continues to keep price from declining further, but for how much longer? We have yet to see any forceful price action to indicate a washout or reversal of any type.

This suggests we could see further weakness here soon. In the event we do, a sizable swing-low from May 2015 lies at 11919, which may be enough to forge a low for a countertrend rally. The current swing-low just above 12000 would then become resistance.

Should we see the recent stall in downward momentum turn higher, a countertrend trade could be difficult. The first level to watch comes via an underside trend-line running lower from June 2020. If that can be overcome then a broader rally can commence.

Tactically speaking, shorts appear to be in control while longs aren’t left with much to lean on at this time.

USD/CAD Daily Chart

USD/CAD Chart

USD/CAD Charts by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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