Canadian Greenback Worth Outlook Speaking Factors:USD/CAD Spends November Clawing Again October Losses – Now What?We’re now two-t
Canadian Greenback Worth Outlook Speaking Factors:
USD/CAD Spends November Clawing Again October Losses – Now What?
We’re now two-thirds of the way in which by way of This autumn and already a few sturdy developments have proven within the US Dollar. An outsized sell-off within the month of October was retraced in November as USD price action shot-up to the 50% marker of that prior transfer and held resistance into month-end. In USD/CAD, nevertheless, that November bounce was extra aggressive, retracing as a lot as 93% of the October sell-off earlier than settling right into a spherical of digestion within the closing week of the month.
At this level, USD/CAD worth motion is holding in a bull pennant formation, marked by a symmetrical wedge sitting atop a current bullish pattern. Simply overhead, nevertheless, is an imposing group of resistance ranges which have helped to carry the highs within the pair since June of this yr, thereby including complication to bullish breakout eventualities as top-end revenue targets could stay capped within the near-term.
USD/CAD Eight-Hour Worth Chart
Chart ready by James Stanley; USDCAD on Tradingview
The subsequent 100 pips above present worth motion could possibly be particularly turbulent as this zone has already rotated plenty of advances thus far within the second-half of this yr. The extent of 1.3361 is 23.6% Fibonacci retracement of the 2007-2016 main transfer within the pair, whereas…