Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open- Powell testimony, CPI on tap
• Next Weekly Strategy Webinar: Tuesday, February 18 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 marked a massive outside-reversal candle off uptrend resistance last week to post the largest single-week decline since March of 2022. Risk for a deeper setback here within the 2024 uptrend with key support seen at 1.4115/75– a region defined by the 2016 high-week close (HWC) and the 38.2% retracement of eh late-2023 advance. Note that the median-line converges on this threshold over the next few weeks- look for a larger reaction there IF reached.

Yearly open resistance stands at 1.4383 with a breach / close above the 2016 close high at 1.4538 needed to threaten uptrend resumption. Key resistance steady at 1.4660/90. Review my latest Canadian Dollar short-term outlook for a closer look at the near-term USD/CAD technical trade levels.

Gold Price Chart – XAU/USD Weekly

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

Gold is testing confluent uptrend resistance early in the week near 2900– looking for a reaction up here in the days ahead. Losses would need to be limited to 2798 IF price is heading higher on this stretch with a close above the upper parallel exposing the next major technical consideration at 3000/31. Gold remains vulnerable to volatility on tariff headlines- stay tuned here.

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