Canadian Dollar Outlook: USD/CAD Rally Rips to Resistance / 2020 Open 2020-12-22 18:00:00 Michael Boutros, Strategist Canadian Dollar Technical Price Outlook: Near-term Trade Levels Canadian Dollar updated technical trade levels – Daily & Intraday Charts USD/CAD rebounds off multi-month downtrend support– recovery eyes yearly open resistance Key near-term resistance at 1.2994 – Weekly-open support 1.2782 Advertisement The Canadian Dollar is off more than 1% against the US Dollar since the start of the week with USD/CAD mounting the first major counter-offensive off technical support. The recovery keeps price within the broader downtrend and we’re looking for a more significant inflection in price on a stretch higher into yearly open resistance. These are the updated targets and invalidation levels that matter on the USD/CAD price charts heading into the close of the year. Review my latest Strategy Webinarfor an in-depth breakdown of this Loonie technical setup and more.