USD/CAD Short-Term Forex Technical Outlook

The USDCAD continues to hold within an upward trend, and the technical outlook favors a bullish outlook for the pair.

Currency Pair: USD/CAD
Chart: 60 Min Charts
Short-Term Bias: Bullish
Analysis




















The USDCAD continues to hold within an upward trend, and the technical outlook favors a bullish outlook for the pair. After falling to a low of 1.1463 on 11/5, the pair bounced back to reach a high of 1.2986 on 11/21, and may push higher over the near-term as investors curb their appetite for risk. During the previous trading session, we saw the pair make an attempt to cross above 1.2660-70 (21.4% Fib level), but the lack of momentum to push higher paired with the divergence from the 120 SMA suggests that the pair may pull back over the remainder of the week.

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