The USDCAD pair has been, since the 28th of November 2016, oscillating within a bearish formation from 1.3533 to 1.3422. Will the sellers resume leading the price?
Today’s major pivot point area is the 1.3422 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair below the 1.3422 level is a good indication that the sellers may exert greater pressures to force the price to the downside.
The Stochastic oscillator has also confirmed that the price could aggressively drop at the 60 zone.
In the scenario where the pair decelerates, the price could fall to 1.3353.
Alternatively, in the event where the sellers are not able to hold the price close to the 1.3466 area, and the buyers place greater pressures, the pair could rise back to 1.3533.
- The GDP Price Index (Q3), the GDP Annualized (Q3), the Personal Consumption Expenditures Prices (QoQ) (Q3), the Core Personal Consumption Expenditures (QoQ) (Q3), the S&P/Case – Shiller Home Price Indices (YoY) (Sep), and the Consumer Confidence (Nov) releases are expected to have a medium influence on the U.S. dollar
- There are no any releases that could have an impact on the Canadian dollar
· Probable trend (Bearish): 1.3422
· Bearish take profit target: 1.3353
· Stop loss target: 1.3466
· Alternative trend (Bullish): 1.3466
· Bullish take profit target: 1.3533