USD/CAD Rally Hit a Fibonacci Wall and Rate Calls Are Next

USD/CAD technical analysis shows the pair stalling at confluence support after a 2% pullback, just as Bank of Canada and Fed rate decisions land. Michael Boutros, StoneX Media Senior Market Analyst, walks through the monthly, daily and intraday USD/CAD charts. After a rally of more than 4% off the August low, USD/CAD broke its monthly opening range and slid into a zone where Fibonacci, prior closes and a channel line converge. Markets price a Fed hold and look ahead to December, with core PCE inflation and Q3 GDP close behind. Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_michael_boutros&utm_content=share 00:00 - USD/CAD Rally Runs Out of Road 00:55 - Monthly Opening Range Cracks 01:28 - Two Dojis at USD/CAD Support 01:50 - Fibonacci and the Pitchfork 02:40 - Below Support, a Deeper Floor 03:18 - BoC, Fed, Core PCE Hit USD/CAD Like and subscribe for more financial market insights. #StoneX #USDCAD #MichaelBoutros #Forex --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social