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The Canadian Dollar is on the defensive this week against the US Dollar with USD/CAD rebounding off key support near the yearly lows. The immediate threat is for a larger rebound within the broader monthly downtrend with the battle-lines drawn into the close of the week. These are the updated targets and invalidation levels that matter on the USD/CAD short-term technical charts.
AUD/USD negated the odds for a bear flag formation as it climbed above the 200-Day SMA (0.6745) earlier this month, and the exchange rate may continue to retrace the decline from the monthly high (0.6794) as it snaps the series of lower highs and lows carried over from last week.
USD/CAD appears to have reversed course ahead of the 200-Day SMA (1.3393) as it extends the series of higher highs and lows from last week, and the Bank of Canada (BoC) interest rate decision may do little to curb the recent advance in the exchange rate as the central bank is expected to sit on the sidelines.
The Australian Dollar plunged rallied more than 3.4% off the March lows with the advance now testing the first major resistance hurdle. The battle lines are drawn heading into the April open with the multi-week rally vulnerable while below today’s highs. These are the updated targets and invalidation levels that matter on the AUD/USD short-term technical chart.
The Canadian Dollar rallied more than 1.6% against the US Dollar since the yearly highs in USD/CAD with price now testing a support at a key pivot zone. Risk for possible price inflection here with the broader outlook still constructive while above 1.3471. These are the updated targets and invalidation levels that matter on the USD/CAD short-term technical charts.