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Forex Analysis & Reviews: USD/CAD Technical Analysis and Trading Tips for November 29, 2022
time 29.11.2022 04:10 PM
time Relevance up to, 02.12.2022 01:58 PM

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Being above the key support levels 1.3120 (200 EMA on the daily chart), 1.2920 (200 EMA on the weekly chart), USD/CAD remains in the bull market zone.

In general, the upward dynamics prevails, and the breakdown of the zone of important resistance levels 1.3460 (200 EMA on the 4-hour chart), 1.3450 (23.6% Fibonacci retracement level of the downward correction in the USD/CAD growth wave from 0.9700 to 1.4600) will give the pair a new upward impulse, sending it towards the nearest target—the 1.3570 local resistance level. And after its breakdown, further towards the upper border of the rising channel on the weekly chart and marks 1.3900, 1.4000.

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Alternatively, the signal for the resumption of short positions will be a breakdown of today's low at 1.3409 and short-term support at 1.3398 (200 EMA on the 1-hour chart).

In general, the USD/CAD bullish trend prevails, and given the strong upward momentum, it is logical to assume further growth.

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Support levels: 1.3409, 1.3398, 1.3220, 1.3120, 1.3080

Resistance levels: 1.3450, 1.3460, 1.3570, 1.3600, 1.3640, 1.3685, 1.3800, 1.3830, 1.3900, 1.3977, 1.4000

Trading Tips

Sell Stop 1.3390. Stop-Loss 1.3510. Take-Profit 1.3300, 1.3220, 1.3120, 1.3080

Buy Stop 1.3510. Stop-Loss 1.3390. Take-Profit 1.3570, 1.3600, 1.3640, 1.3685, 1.3800, 1.3830, 1.3900, 1.3977, 1.4000

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2023
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