USDCAD Hints at Bullish Reversal

by Justin Bennett  · 

December 6, 2023

by Justin Bennett  · 

December 6, 2023

by Justin Bennett  · 

December 6, 2023

Today I’m going to share exactly how I’m trading USDCAD this week as we get early signs of a possible bullish reversal.

I’ll discuss key levels to watch and potential targets to mark.

Watch the video below and scroll down for the annotated charts and analysis.

USDCAD has pulled back significantly since testing the 1.3870 resistance in October.

The pair was off those highs by just over 400 pips at the recent December low.

However, we’re getting signs this week that USDCAD may be ready for another rally.

We can see that the 1.3570 October 10th low has served as a pivot for the market, starting with the November 28th retest as support.

USDCAD managed to hold above that mark for a few sessions but closed below it on November 30th.

The pair subsequently tested 1.3570 as new resistance on December 1st, but buyers managed to reclaim the level at Tuesday’s close.

That confirmed a fakeout below 1.3570, which could indicate a push higher toward 1.3650 and possibly 1.3870 in the coming weeks.

Of course, that idea is contingent on USDCAD staying above 1.3570 on a daily closing basis.

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