Canadian Dollar Technical Outlook: USD/CAD Rebound Threatens August Downtrend 9 2 2026
USD/CAD has rebounded sharply from the August lows, but bulls still need to clear key resistance to validate a larger reversal.
Written by
Michael Boutros
Sr. Technical Strategist
Canadian Dollar Technical Outlook: USD/CAD Multi-Timeframe Analysis
The Canadian dollar has weakened as dollar CAD rebounded more than 1.5% off its monthly low into a pivot zone where three time frames converge. Michael Boutros, StoneX Media Senior Market Analyst, walks through the weekly, daily and four hour structure in dollar CAD and maps the event risk sitting on top of it. The U.S. dollar has been catching a bid as rising prices fuel concerns about the inflationary outlook, even with markets pricing roughly two thirds odds of a Federal Reserve move on rates next month. The Bank of Canada rate decision and U.S. nonfarm payrolls land in the same week, and payrolls carries the most weight for Federal Reserve pricing after Jackson Hole.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
USD/CAD Key Economic Data Releases
--- Written by Michael Boutros, Sr Technical Strategist
Follow Michael on X @MBForex
Latest market news
Web Trader platform
Our sophisticated web-based platform is packed with features.
Open an account today
Experience award-winning platforms with fast and secure execution.
Economic calendar
Related articles
FX Futures Positioning: Dollar Rebound Meets Diverging Forex Bets | COT Report
US dollar longs held firm into Jackson Hole, while euro, yen and commodity FX positioning diverged ahead of ISM and NFP.
USD/JPY weekly outlook: Payrolls may challenge the Fed’s hawkish reset
USD/JPY has finally woken from its slumber. Payrolls now loom as the key test of whether the latest hawkish repricing sticks or sinks.
EUR/USD forecast: All eyes on Warsh at Jackson Hole - Forex Friday
For much of this week, the EUR/USD has been edging lower with the US dollar regaining some ground after last week’s sell-off that was triggered, in part, by the bond market worries. Investors have been unwilling to bet further against the US dollar so far this week ahead of Kevin Warsh’s keynote speech at the Jackson Hole summit, due later today.