USD/CAD Holds Onto the Bullish Bias in a Consolidation Channel

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USD/CAD Holds Onto the Bullish Bias in a Consolidation Channel

USD/CAD has been consolidating since hitting a new high on the year at 1.1466 earlier in November. After a choppy couple of weeks, the pair is still bullish. Let’s take a look at the technical set up.

USD/CAD has been making lower highs and lows, falling in a channel. It has found support near a critical area around 1.1260. The pair looks ready for a bullish continuation attempt. Look for a test of the 1.14 resistance. Above that, the USD/CAD would open up a bullish continuation attempt to test at least the 1.1450-1.1465 area, with risk of breaking higher towards 1.15 in the short-term.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.