For Traders

Analytical Reviews

Trading plan

29.11.202216:10 Forex Analysis & Reviews: USD/CAD Technical Analysis and Trading Tips for November 29, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

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.

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

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.