USD/CAD accumulates gains on Monday in the Asian trading session. The pair opened lower, however, recovered quickly and tested the intraday high of 1.2585.
The Canadian Dollar is prepared to snap a three- week losing streak against the US Dollar with USDCAD down more than 0.2% to trade at 1.2580 ahead of the New York close on Friday. The losses come on the back of a key reversal off technical resistance and while the broader outlook remains constructive, the advance may be vulnerable heading into the close of the month. These are the updated objectives and termination levels that matter on the USD/CAD weekly technical price charts.
The Loonie rally fatigued into uptrend resistance at the yearly high-week close this week- bulls may be at risk near-term. From a trading standpoint, rallies should be limited to the yearly open at 1.2713 IF the correction interpretation is correct, eventually a greater pullback may offer more favorable opportunities closer to trend support with a breach higher exposing objectives into 1.30 area.
Investors will be watching closely the FOMC interest rate decision on Wednesday. Review my latest Canadian Dollar Price Outlook for a closer look at the near-term USD/CAD technical trade levels.
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