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Canadian Dollar marks third weekly plunge against US Dollar- USD/CAD rallies 1.87%
USD/CAD monthly opening-range taking shape below technical resistance at yearly high
Resistance 1.3849/81 (key), 1.3990-1.40, 1.4115– Support 1.3773, 1.3596-1.3617, ~1.35
The Canadian Dollar has been under assault for the past three-weeks with USD/CAD ripping to key technical resistance at fresh 2024 highs. While the broader outlook remains constructive, immediate advance may be vulnerable here as price attempts to breakout of a multi-year consolidation pattern. Battle lines drawn on the USD/CAD weekly technical charts heading into the August opening-range.