What the Canadian Dollar's Trend Break Means for Traders

The Canadian dollar has fallen nearly 2.8% from its June high, down five of the last six weeks against the U.S. dollar. Michael Boutros, Senior Market Analyst at StoneX, reads the Canadian dollar across the weekly, daily and four-hour charts. The yearly uptrend off the April lows broke last week, and the decline stalled on a cluster of long-term support where the 52-week and 200-day moving averages converge with a retracement of the yearly range. Price has held that zone for four sessions while a weekly opening range takes shape. Federal Reserve minutes, Canadian retail sales and U.S. purchasing managers' data all land before the week closes. 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 - Canadian Dollar Slides Again 00:27 - Yearly Uptrend Finally Breaks 01:19 - Daily Chart Pitchfork Snaps 02:10 - Weekly Opening Range Forms 03:29 - Invalidation Line Gets Drawn 03:55 - Fed Minutes and Canada Data Like and subscribe for more financial market insights. #StoneX #MichaelBoutros #Forex #USDCAD