Technical Analysis

Technical Outlook: USDCAD – Key Barriers At 1.2916/25 Under Increased Pressure

Typography

The pair extends steep ascend from 1.2670 base and pressures key barrier at 1.2916 (27 Oct recovery peak, the highest since mid-July).

Strong recovery extended after double-bottom was formed (1.2665/70) and showing scope for eventual break above 1.2916 peak and nearby Fibo barrier at 1.2625 (50% retracement of larger 1.3789/1.2061 descend).

Bullish techs are supporting positive sentiment, with OPEC meeting also being focused for fresh signals.

Strongly overbought slow stochastic on daily chart warns of consolidative / corrective action preceding break higher.

Rising thick hourly cloud (spanned between 1.2831 and 1.2773) is expected to contain extended dips.

Res: 1.2916, 1.2925, 1.3000, 1.3071
Sup: 1.2856, 1.2831, 1.2791, 1.2773

Author: Windsor Brokers LtdWebsite: http://www.windsorbrokers.com/
Windsor Brokers Ltd
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