Canadian Dollar Price Outlook: Trading the USD/CAD Breakdown

The Canadian Dollar is on the offensive with news of a renewed US / Mexico / Canada trade agreement further supporting the Loonie early in the week. Here are the updated targets and invalidation levels that matter on the USD/CAD charts heading into the start of October trade. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

USD/CAD Daily Price Chart

USD/CAD Price Chart - Daily

Technical Outlook: In my most recent Weekly Technical Perspective on the USD/CAD, we highlighted a key confluence support zone at 1.2880– with, “The risk remains weighted to the downside in USD/CAD while below 1.3130.” Price gapped lower into the weekly / monthly open with the decline marking a break below 2018 up-trend support (purple) and the 200-day moving average. Initial daily support now

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