USDCAD could see higher levels

05 November 2020

USDCAD rose sharply after making a low near 1.3081 on 21st October to make a high around 1.3389 on 29th October from where the pair has dipped sharply back towards 1.3100. The 1.3100-3080 zone is a strong support, further the pair currently stands at the upward sloping trend line support. Yesterday the USDCAD ended in a long doji candlestick formation suggesting indecision and halt of the down move from 1.3389 to 1.3100, RSI is rising indicating rebound in the offing for the currency pair. It would be prudent to say that USDCAD could rebound further towards 1.3200 & 1.3250 while it sustains above 1.3070.

Prepared by
Technical Analysis Team

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