Canadian Dollar updated technical trade levels - Weekly Chart. USD/CAD rally exhausts into key resistance levels- threat for near-term exhaustion.
A multi-week rally USD/CAD may be vulnerable to near-term exhaustion here after extending through key technical targets. From a trading standpoint, be on the lookout for downside exhaustion ahead of 1.3370 IF price is indeed heading higher on this stretch – a close above 1.3812 is needed to mark resumption with the next major level of resistance eyed at the 2020 March reversal-close at.
I’ll publish an updated Canadian Dollar Shor-term Price Outlook once we get further clarity on the near-term USD/CAD technical trade levels.Canadian Dollar Trader Sentiment – USD/CAD Price ChartLong positions are 10.93% lower than yesterday and 23.88% lower from last weekWe typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise.