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14.11.201811:53 Forex Analysis & Reviews: Technical analysis of USD/CAD for November 14, 2018

Long-term review

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Overview:

The USD/CAD pair continues to rise from the levels of 1.3219 and 1.3184 in the long term. It should be noted that the support is established at the level of 1.3184 which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following a breakout of the highest level of 1.3219. So, buy above the level of 1.3219 with the first target at 1.3262 in order to test the daily resistance 1 and further to 1.3300. Also, it might be noted that the level of 1.3262 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CAD pair breaks through the support level of 1.3184, a further decline to 1.3134 can occur which would indicate a bearish market.

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