USD/CAD Technical Analysis: Uptrend Continuation Expected 11/6/2024

The USD/CAD pair maintains its upward trajectory, holding firm above the key support level of 1.3690. This stability has propelled the pair to rebound upwards, reaching 1.3780.

Technical analysis suggests a continuation of the uptrend. Positive momentum from the simple moving averages, coupled with the Stochastic oscillator’s attempts to gain further momentum, reinforce this bullish outlook.

We anticipate further upward movement, with initial targets set at 1.3810 and 1.3845. A decisive break and consolidation above 1.3845 would significantly strengthen the uptrend, potentially leading to a surge towards 1.3920.

However, traders should remain cautious. A return of trading below 1.3690 could trigger a retest of the pivotal support level at 1.3630 before any further attempts to rise.

Key Points:

• The USD/CAD pair remains in a bullish trend.
• The 1.3810 and 1.3845 levels are key resistance levels to watch.
• A break above 1.3845 could accelerate the uptrend towards 1.3920.
• Traders should consider long positions, with appropriate stop-loss orders below 1.3690.

Disclaimer:

This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.

S1: 1.3690	R1: 1.3810
S2: 1.3630	R2: 1.3845
S3: 1.3580	R3: 1.3920