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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