USD/CAD has been a choppy range environment, but could soon change; levels and lines to watch in the days ahead. Get your weekly Canadian Dollar forecast from PaulRobinsonFX here:
has been chopping around the past couple of weeks, but that is likely to change soon. There are thresholds on both sides that if they break will have price running towards one long-term level or another.
A breakout above 12712 is seen as leading USD/CAD toward major long-term resistance around the 12950 level. This level dates to December 2019 and has been in play on several occasions, with its most recent inflection point occurring in December. If the range breaks to the downside beneath 12632, look for selling to take USD/CAD down to confluent support. This support is made up of a trend-line from the June 1 low and 200-day moving average. A big spot, indeed.
We may not see a clean break develop just yet, but if this the case then the extended period of sideways price action could make for an even stronger move when a breakout does occur. We could also see a fake-out move from the range, then a reversal through the other side of it. We will want to be nimble in the event we do get a shake-out move first.
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