USD/CAD: reversal or continuation pattern?

Trading 04 Nov 2020 Donner votre avis


USD/CAD moves sideways within a triangle chart pattern. So, we have to wait for a fresh trading signal before buying or selling. The price could continue to trade in the range in the short-term.

Still, the US presidential election final results, FOMC, and the US Non-Farm Payrolls data could bring a great trading opportunity. USD/CAD is trapped between 1.3370 (resistance) and 1.3089 (support) levels, A breakout in any direction represents a trading signal.

  • USD/CAD Trading Conclusion

Buy USD/CAD if the price passes above 1.3370. You can use the 1.3700 level as a potential upside target.

Sell the pair if the rate drops again below the 1.3089 level. 1.2800 could be used as a downside target.

The material has been provided by InstaForex Company -


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