The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
USD/CAD: 55 Moving Average acted as support
Information is not investment advice
The 55 Moving Average has acted as support, so there's a 'Hammer' pattern, which led to the current upward price movement. In this case, we should watch the nearest resistance at 1.3519 as the next bullish target. The subsequent pullback from this level could be a starting point for a decline towards the previously tested support at 1.1349 and the Moving Averages.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Technical analysis of the USD/CAD
The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.