USDCAD Trying to Bounce Off 3 Month Uptrend Support

The USDCAD is continuing its week plus firming effort near the psychologically key 1.26 whole figure level. Significantly, with volatility certain to surge following Friday’s highly anticipated US Non-Farm Payrolls (NFP), odds are moderately high for a break of upchannel support (on the daily chart) by Monday, with lower odds for a close this week below the weekly chart’s prior downchannel resistance…

USDCAD Tries Halting 300 Pip Pullback Ahead of Jackson Hole

The USDCAD is firming going into the US morning and trying to bounce off the psychologically key 1.26 whole figure level. Significantly, although the USDCAD has corrected over 300 pips since Friday’s fresh 2021 peak, the USDCAD could see fresh buying demand as early as today following the US GDP data at 830am EST, and more likely following Friday’s highly anticipated Fed comments out of Jackson Hole…

USDCAD Consolidates Above Key 1.25 Level Ahead of NFP

The USDCAD is consolidating for a 3rd straight day just above the psychologically key 1.25 whole figure level, appearing to have halted the slide since the July high. Significantly, the USDCAD has bounced from the 50% Fib retrace of the June-July rally, with a weekly close above the weekly chart downchannel resistance coming as early as following Friday’s Canadian employment data and the highly anticipated monthly US Non-Farm Payrolls (NFP)…

USDCAD Tries Bouncing Off Near Key 1.25 Level

The USDCAD is trying to stabilize after 2 days of healthy profittaking, hovering just above triangle support (on the 4hr chart) and uptrend support (on the daily chart). Significantly, the USDCAD’s consolidation as seen by this week’s weekly Gravestone should be coming to completion soon with the USDCAD having drifted back to near the weekly chart downchannel resistance and the psychologically key 1.25 whole figure level…