Canadian Greenback Speaking Factors:USD/CAD November Bounce Runs into ResistanceAfter a really strong start to the month of Novem
Canadian Greenback Speaking Factors:
USD/CAD November Bounce Runs into Resistance
After a really strong start to the month of November, USD/CAD has run into some resistance that’s tempered the topside advance. The massive query at this level is whether or not this turns into one thing extra, as a deeper reversal within the US Dollar might assist to deliver again the bearish development in USD/CAD that ran so visibly within the ultimate three weeks of October and, maybe extra attractively, throughout June and July because the pair fell by 5 huge figures with FOMC price lower bets getting priced-in.
USD/CAD Each day Value Chart
Chart ready by James Stanley; USDCAD on Tradingview
USD/CAD: 1.3000 Hasn’t Been Examined in a Yr, Looms Giant
Taking a step again on the USD/CAD chart and longer-term price action stays in a digestive state. The symmetrical wedge sample that’s been constructing since early-2018 has helped to carry each 2019 highs and lows. On the help aspect of the matter, it’s the 1.3000 value that seems so essential, as patrons got here in forward of a 1.3000 check in mid-July and once more in late-October, giving the looks that sellers didn’t but need to encounter a check under the large determine. However, now that costs have bounced and bumped into resistance, would possibly the door be opening to a different short-side run within the pair?
USD/CAD Weekly Value Chart
