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USDCAD Technical Analysis Report 2254 November, 2020

  • USDCAD reversed from multi-month support level 1.2980
  • Likely to rise to 1.3100

USDCAD today reversed up from the support area lying between powerful, multi-month support level 1.2980 (which has been reversing the price from the end of December) – strengthened by the lower daily Bollinger Band. The last time the pair reversed up from the support level 1.2980 (at the start of November) it formed the daily Japanese candlestick reversal pattern Bullish Engulfing (it also formed daily hammer on September).

Given the strength of the support level 1.2980 and the mild US dollar bullishness seen across the forex markets today – USDCAD is expected to rise further toward the next round resistance level 1.3100 (which reversed the price a few times from the middle of November).

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