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    Technical analysis of USD/CAD for November 6, 2015

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    Overview:

    • The USD/CAD pair will set a strong support at the level of 1.3108 and resistance stands at 0.3238 today. Equally important, the price has still been moving around the key level at 1.3166 for a while. Moreover, the USD/CAD pair has still been above 50% of Fibonacci retracement levels since last week as shown on the hourly chart. Another thought, the RSI is calling for an uptrend. As a result, the price has already formed the strong support at this spot of 1.3107. Now, it is approaching it in order to test it. Therefore, the USD/CAD pair will get an upside rather convincing momentum and the structure of the rise does not look corrective. For indicating a bullish opportunity above the 1.3110 level, it will be a good sign to buy above 1.3110 with the first target of 1.3205 (this level coincides with the weekly pivot point) and it will call for an uptrend towards 1.3238.

    Observations:

    • The USD/CAD pair was calling for the bullish market from the level of 1.3110 today.
    • The level of 1.3110 represents support 1.
    • The weekly pivot point will be set at the price of 1.3205 .
    • If the trend is of an upside character, then the strength of the currency will be defined as following: USD is in the uptrend and CAD is in the downtrend.
  • The level of 1.3110 represents support 1.
  • The weekly pivot point will be set at the price of 1.3205 .
  • If the trend is of an upside character, then the strength of the currency will be defined as following: USD is in the uptrend and CAD is in the downtrend.

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