The Canadian Dollar has been on an absolute tear in 2021, thanks in part to rising energy prices. Yet gains have been harder to come by over the past week-plus.
Canadian Dollar Forecast: USD/CAD, AUD/CAD Spotlight on Technical Levels dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
Canadian Dollar Outlook: AUD/CAD, NZD/CAD Post-Jobs Report Levels to Watch 2021-02-06 16:00:00 Thomas Westwater, Analyst
Canadian Dollar Technical Forecast: Bearish
AUD/CAD’s Descending Triangle back in play after prices climb from trendline
NZD/CAD formed a Symmetrical Triangle pattern following a new lower high
AUD/CAD Technical Outlook
The Canadian Dollar wavered against the Australian Dollar following a worse-than-expected Canadian jobs report. AUD/CAD recorded a 0.44% gain on Friday. The pair briefly pierced above the lower bound of a Descending Triangle pattern before resistance at the 20-day Simple Moving Average (SMA) and the 23.6% Fibonacci retracement level from the December – January move killed upside momentum.