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Canadian Dollar Forecast: USD/CAD Seven-Week Plunge Searches Support 2021-05-17 18:00:00 Michael Boutros, Strategist Canadian Dollar Technical Price Outlook: USD/CAD Weekly Trade Levels Canadian Dollar updated technical trade levels - Weekly Chart USD/CAD six-week breakdown plummets into technical support hurdle – Canada Inflation on tap Support objectives at 1.2048, 1.1919- Resistance 1.2247, bearish invalidation 1.2358 Advertisement The Canadian Dollar has plummeted more than 5% against the US Dollar year-to-date with USD/CAD attempting to mark a seventh consecutive weekly decline into fresh multi-year lows. While the broader risk remains tilted to the downside, the immediate sell-off may be vulnerable as price probes near-term technical confluence. These are the updated targets and invalidation levels that matter on the USD/CAD weekly technical price chart. Review my latest Strategy Webinar for an in-depth breakdown of this Loonie technical setup and more.

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