The USDCAD pushed higher this past week but is bumping up against heavy resistance weekly 200 SMA, monthly pivot MS1 – 1.2354, both tops of downward/upper channel intersection acting as resistance. Has market sentiment changed or are we putting in a lower high?

If we make it above 1.2430 most likely in longer term price reversal heading higher, however, daily is overbought showing some signs of exhaustion and/or indecision do we get a pullback to bottom 1.2280 of lower upward channel and then retest/break 1.2370?

In absence of negative news and the US equity markets rocking would be considered a USD positive and although Yellen mentioned the possibility of rate hike looming in December I believe way to early to call being data dependent and due to recent hurricane related events. So what is your bias?

USDCAD - Weekly

USDCAD - Daily

see other revised daily slide below

USDCAD - 4H

USDCAD - 1H

USDCAD - Daily revised

3 thoughts on “USDCAD – Bear or Bull”

  1. JohnA says:

    It is sort of like playing chess need to think about next 10 moves ahead. Do we break current resistance heading higher now or make a double bottom on the daily then shoot up breaking resistance? The current upward movement looks somewhat exhausted. What do you think?

  2. Charles Bidner says:

    Thanks for the post John. Very light on for CAD news this week, GDP Friday is it. Perhaps we need to look for direction of oil to influence CAD this week? I am looking at it this way, this week short off MS1/WM2 cluster, down to WM1 for a possible higher low. Then I would look for the possibility of a higher high next week and month off the new pivots.

  3. Dalmas Ngetich - FOREX.TODAY says:

    I’m a USD bull on this currency pair

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