USD/CAD, USD/JPY, EUR/USD, AUD/USD, SPX500 Weekly Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open / monthly close
• Next Weekly Strategy Webinar: Monday, May 5 at 8:30am EST
• Review the latest Video Updates or Stream Live on my YouTube playlist.

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Silver (XAG/USD),  Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open.

Canadian Dollar Price Chart – USD/CAD Weekly

Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView

USD/CAD has dropped into a pivotal support zone at 1.3729/95- a region defined by the 38.2% retracement of the 2021 advance and the 61.8% retracement of the late-2023 advance. Note that both the 2022 trendline and the January downtrend converge on this threshold over the next few weeks and we’re on the lookout for possible exhaustion / price infection off this mark.

The immediate focus remains on a breakout of last week’s opening range for guidance here with the February downtrend vulnerable while above this zone. Review my latest Canadian Dollar short-term outlook for a closer look at the near-term USD/CAD technical trade levels.

Euro Price Chart – EUR/USD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView

Euro exhausted into the 100% extension of the January rally last week near 1.1510 (close high registered at 1.1514) with a slip back below the median line threatening a larger setback. Initial support 1.1275 with near-term bullish invalidation now raised to 1.1192. Initial resistance eyed into 1.1409 with a break / close above the 1.1510 needed to mark uptrend resumption towards the 78.6% retracement at 1.1748.

Economic Calendar – Key USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex