USD / CAD Technical Analysis Nov 16

Can the buyers profit on the USDCAD at 1.3464?

The U.S. dollar and the Canadian dollar are lately oscillating within a downside formation between the range of 1.3592 and 1.3464 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 1.3464 level.

Probable Scenario

In the scenario where the USDCAD breaks above the 1.3464 area, the price could escalate as high as 1.3592.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 20 zone.

usdcad-nov-16-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.3388 area, the pair could decline as low as 1.3262.

Today’s Major Announcements

  • The EIA Crude Oil Stocks Change (Nov 11) release will likely have a strong influence on the U.S. dollar

There are no any major releases that could have an impact on the Canadian dollar

Synopsis

·         Probable trend (Bullish): 1.3464

·         Bullish take profit target: 1.3592

·         Stop loss target: 1.3388

·         Alternative trend (Bearish): 1.3388

·         Bearish take profit target: 1.3262