The Canadian Dollar has reached its weekly uptrend support around 1.3950 [Video]

Carol Harmer Charmer Trading

USD/CAD technical outlook

The Canadian dollar has reached its weekly uptrend support around 1.3950, with immediate levels to watch at 1.3920. Resistance is clustered at the 55‑day moving average (1.4016) and the 38.2% Fibonacci retracement (1.4018).

This sets up a straightforward tactical play:

Buy dips into the trendline support, covering towards 1.4010.
Sell rallies into the 1.3990–1.4010 zone, with risk only if we see a close above 1.4020/25.

Weekly Stochastics are turning bearish, suggesting the uptrend from July is losing momentum. Daily charts remain neutral but show a Double Top pattern, pointing to potential downside pressure.

Key downside levels if 1.3950 breaks: 1.3885 → 1.3835.

In short: the market is at a pivotal juncture. Respect the trendline, but be ready to fade strength into resistance.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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