FX.co - USD/CAD analysis for November 03, 2021 - Potential for the upsde continuation

3 November 2021 at 11:40AM (UTC+0)

Relevance until4 November 2021 at 11:40AM (UTC+0)

Technical analysis:

USD/CAD analysis for November 03, 2021 - Potential for the upsde continuation

USD/CAD has been trading sideways in past 24 hours at the price of 1,2413. I see potential for the upside continuation and further rise.

Trading recommendation:

Due to the upside impulse in the background and contraction today, I see potential for the bullish continuation.

Watch for the breakout play if the price breaks the level of 1,2425.

Upward target is set at the price of 1,2495

Support is set at 1,238

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CAD analysis for November 03, 2021 - Potential for the upsde continuation