FX.co ★ USD/CAD analysis for November 30, 2021 - Potential for bigger drop

Technical analysis:

USD/CAD has been trading upside this morning but I see fake breakout of the 2-day high and potential for the downside movement.

Trading recommendation:

Due to the fake breakout of the 2-day high in the background and potential distribution, I see potential for the downside movement.

Watch for selling opportunities on the rallies with the downside target at 1,2725

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Key resistance is set at the price of 1,2812