empty
24.11.2023 08:15 PM
Technical analysis on USD/CAD on November 24, 2023

This image is no longer relevant

Overview :

The USD/CAD pair broke resistance which turned to strong support at the level of 1.3578 yesterday. The level of 1.3578 coincides with a golden ratio (38.2% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 30. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100).

The USD/CAD pair is continuing in a bullish market from the support levels of 1.3502 and 1.3578. Also, it should be noted that the current price is in a bullish channel. Equally important, the RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday.

Immediate support is seen at 1.3578 which coincides with a golden ratio (38.2% of Fibonacci). Consequently, the first support sets at the level of 1.3578. So, the market is likely to show signs of a bullish trend around the spot of 1.3578/1.3502. It is also worth noting that the price at 1.3502 will possibly form a strong support.

This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. The level of 1.3784 will act as strong resistance and the double top is already set at the point of 1.3898.

In other words, buy orders are recommended above 1.3578 with the first target at the level of 1.3639. From this point, the pair is likely to begin an ascending movement to the point of 1.3700 and further to the level of 1.3784.

On the other hand, if a breakout happens at the support level of 1.3502, then this scenario may become invalidated.

Forecast :

According to the previous events, the USD/CAD pair is still moving between the levels of 1.3502 and 1.3784; for that we expect a range of 282 pips (1.3784 - 1.3502) in coming days.

If the USD/CAD pair fails to break through the resistance level of 1.3700, the market will decline further to 1.3502. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.3308 with a view to test the daily pivot point.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Indicator Analysis. Daily Overview for June 27, 2025 – GBP/USD Currency Pair

On Thursday, the pair moved upward, reaching the 161.8% level at 1.3792 (red dashed line), then retreated and closed the daily candle at 1.3723. A pullback may occur today. Strong

Stefan Doll 11:42 2025-06-27 UTC+2

Indicator Analysis. Daily Overview for June 27, 2025 – EUR/USD Currency Pair

On Thursday, the pair moved upward and tested the 161.8% target level at 1.1744 (red dashed line), then pulled back and closed the daily candle at 1.1699. Today, the upward

Stefan Doll 11:39 2025-06-27 UTC+2

Forecast for EUR/USD on June 27, 2025

On Thursday, the EUR/USD pair continued its upward movement and reached the 127.2% Fibonacci retracement level at 1.1712. A rebound from this level would favor the U.S. dollar

Samir Klishi 11:22 2025-06-27 UTC+2

Forecast for GBP/USD on June 27, 2025

On the hourly chart, the GBP/USD pair continued rising on Thursday and repeatedly tested the 200.0% Fibonacci level at 1.3749. A rebound from this level would favor the U.S. dollar

Samir Klishi 10:53 2025-06-27 UTC+2

USD/JPY. Analysis, Forecast and Current Market Situation

Today, following the release of data showing a decline in consumer prices in Tokyo, the Japanese yen began to weaken. This news reinforced expectations that the Bank of Japan

Irina Yanina 10:43 2025-06-27 UTC+2

Forex forecast 27/06/2025: EUR/USD, USD/JPY, Gold, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:12 2025-06-27 UTC+2

EUR/USD Forecast for June 27, 2025

EUR/USD Yesterday, concerning data was released from the U.S. GDP for Q1 contracted by 0.5% compared to the expected -0.2%. Core personal consumption expenditures (PCE) inflation for the same period

Laurie Bailey 05:13 2025-06-27 UTC+2

GBP/USD Forecast for June 27, 2025

GBP/USD The British pound is rising, but the accompanying Marlin oscillator is quite weak. Before the bulls are not just the desired targets — 1.3834, 1.3935, etc. — but also

Laurie Bailey 05:07 2025-06-27 UTC+2

USD/JPY Forecast for June 27, 2025

USD/JPY This morning, Tokyo's core CPI data showed a decline in inflation for the June estimate: the core index dropped from 3.6% year-over-year (y/y) to 3.1% y/y (with a forecast

Laurie Bailey 05:04 2025-06-27 UTC+2

Trading Signals for EUR/USD for June 26-28, 2025: sell below 1.1730 (overbought - 8/8 Murray)

If the euro price consolidates below 1.1735, the outlook could be negative for the coming days. We could sell with targets at the 7/8 Murray at 1.1596

Dimitrios Zappas 18:42 2025-06-26 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.