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