USD/CAD Bull Pennant Close to Resistance
Canadian Greenback Value Outlook Speaking Factors:
USD/CAD Spends November Clawing Again October Losses – Now What?
We’re now two-thirds of the best way by This autumn and already a few sturdy traits have proven within the US Dollar. An outsized sell-off within the month of October was retraced in November as USD price action shot-up to the 50% marker of that prior transfer and held resistance into month-end. In USD/CAD, nonetheless, that November bounce was extra aggressive, retracing as a lot as 93% of the October sell-off earlier than settling right into a spherical of digestion within the ultimate week of the month.
At this level, USD/CAD value motion is holding in a bull pennant formation, marked by a symmetrical wedge sitting atop a current bullish development. Simply overhead, nonetheless, is an imposing group of resistance ranges which have helped to carry the highs within the pair since June of this 12 months, thereby including complication to bullish breakout situations as top-end revenue targets might stay capped within the…