Weekly Technical Insights on Major Forex Pairs, Commodities, and Equity Markets
- Monitoring critical technical setups as we approach the weekly open, with key events from the Fed, BoE, BoJ, and US PCE on the horizon.
- Join our upcoming Weekly Strategy Webinar: Monday, January 6 at 8:30am EST.
- Catch the latest video insights or stream live through our YouTube playlist.
This week's webinar will provide an in-depth analysis of key technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Silver (XAG/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These key levels are crucial as we approach the weekly open and year-end close.
USD/CAD Daily Price Analysis
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView
Last week, USD/CAD navigated through critical uptrend resistance, showing an increase exceeding 1.9% since the month began. Maintaining a bullish outlook while above the 1.42 region is essential, with key resistance points setting sights on the 61.8% extension of the 2021 rally at 1.4310 and the weekly close from 2020 at 1.4357. The broader bullish invalidation is now adjusted to 1.4085.
Keep an eye on the upcoming Canadian inflation data release, followed by the Federal Reserve's interest rate decision on Wednesday. Stay agile in the market and watch the weekly close for directional guidance. For more details, check out my Canadian Dollar Short-term Outlook.
Economic Calendar – Key Data Releases for USD
Economic Calendar - Stay updated on recent economic developments and upcoming event risks.
--- Authored by Michael Boutros, Sr Technical Strategist
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