USD/CAD Wipes Out Most of Its October Drop, Then Stalls

USD/CAD technical analysis shows the pair rallying nearly 2.4% off a major pivot zone as Federal Reserve hike bets lift the U.S. dollar. Michael Boutros, StoneX Media Senior Market Analyst, breaks down the USD/CAD rebound across the weekly, daily and near-term charts. The rally now meets a dense cluster of Fibonacci retracement resistance and weekly closing levels that has capped the advance in the near term. Markets price a Fed rate hike in December as all but certain and an 88% chance of a second hike by March, keeping U.S. dollar strength in focus against the Canadian dollar. The pitchfork structure on the chart separates a routine pullback from a deeper washout and marks the break that would challenge the broader uptrend. U.S. producer price index data, jobless claims and a lineup of Fed speakers add event risk for the U.S. dollar and the Canadian dollar alike. 00:00 - USD/CAD Snaps Back off Pivot 00:49 - USD/CAD Hits a Fibonacci Wall 02:07 - Pitchfork Median Line Breaks 02:48 - USD/CAD Uptrend Has a Tripwire 03:37 - U.S. PPI Takes Center Stage 04:17 - Fed Bets vs Canadian Dollar 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 Like and subscribe for more financial market insights. #USDCAD #StoneX #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