{"id":17874,"date":"2021-11-10T06:55:00","date_gmt":"2021-11-10T06:55:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=17874"},"modified":"2021-11-10T13:31:02","modified_gmt":"2021-11-10T13:31:02","slug":"usdcad-technical-analysis-1-2600-highly-probable","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2600-highly-probable\/","title":{"rendered":"USDCAD Technical Analysis &#8211; 1.2600 Highly Probable"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17874\" class=\"elementor elementor-17874\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5207d2a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5207d2a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-49c6d3b\" data-id=\"49c6d3b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-23f93a7 elementor-widget elementor-widget-text-editor\" data-id=\"23f93a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The US dollar has started to rise against the Canadian dollar, as the Canadian dollar comes out of favour with FX traders and the price of oil starts to struggle above the $80.00 level.<\/p><p>Last week the <a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">USDCAD<\/a> pair staged a strong bounce after the FOMC policy meeting, as the greenback strengthened on the tapering news. Strangely, the USDCAD pair has not reacted to the US infrastructure bill as many expected.<\/p><p>Much of the weakness in the Canadian dollar has to do with the soft jobs report from the Canadian economy last week, and the divergence between the stronger than expected US jobs report.<\/p><p>The jobs report showed that the Canadian economy added 31,000 jobs last month, well down from September&#8217;s positive jobs report and also well below what economists were expecting but enough to push the jobless rate down by two ticks to 6.7 per cent.<\/p><p>Frankly speaking, the takeaway from the report is that Canada&#8217;s economy has more jobs than it did before the pandemic started in\u00a02020, however, the numbers show that the employment recovery is uneven\u00a0and running out of steam.<\/p><p>Logic would dictate that the USDCAD pair will continue to rise on the positive momentum, and speaking of momentum, bullish divergence on the Momentum indicator is warning that a potential final rally towards the 1.2600 level could still happen.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-56d003a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56d003a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b2ed43d\" data-id=\"b2ed43d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-38b33db elementor-widget elementor-widget-image\" data-id=\"38b33db\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"452\" height=\"166\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/USDCAD-CHART.png\" class=\"attachment-large size-large wp-image-17886\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f0e3b1c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f0e3b1c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bf00a4f\" data-id=\"bf00a4f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-abfe25c elementor-widget elementor-widget-text-editor\" data-id=\"abfe25c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>High levels of positive sentiment are still seen towards the USDCAD pair, with some 82 percent of traders holding a bullish view towards the USDCAD pair.<\/p><p>This strong bullish sentiment is a warning of more potential losses ahead, however, if we consider that the trend in the short-term is bullish above the 1.2400 level then this is a compelling long trade to watch.<\/p><p><strong>USDCAD Short-Term Technical Analysis<\/strong><\/p><p>The four-hour time frame shows that a large, inverted head and shoulders pattern has largely played out to the upside, with the latest bounce advancing close to the 1.2500 area.<\/p><p>Significant amounts of bullish MACD price divergence have formed during this recent price decline and extends towards the 1.2600 level. Watch out for further gains as the divergence continues to unwind if the 1.2500 area is breached.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4deeace elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4deeace\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c502afd\" data-id=\"c502afd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d0a7865 elementor-widget elementor-widget-image\" data-id=\"d0a7865\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"561\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/USDCAD-4H.png\" class=\"attachment-large size-large wp-image-17888\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38b4e72b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38b4e72b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b978fb\" data-id=\"7b978fb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-74c9dbd9 elementor-widget elementor-widget-text-editor\" data-id=\"74c9dbd9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-96d7f62 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"96d7f62\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f1ec005\" data-id=\"f1ec005\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-23f1be8 elementor-widget elementor-widget-text-editor\" data-id=\"23f1be8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>USDCAD Medium-Term Technical Analysis<\/strong><\/p><p>A bearish double-top has recently formed with the recent series of upside failure above the 1.2900 resistance level. However, a correction to the upside looks plausible before the next big down leg commences.<\/p><p>Much will depend on the <a href=\"https:\/\/bit.ly\/3zVm8kX\" target=\"_blank\" rel=\"noopener\">US dollar<\/a> and <a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\" rel=\"noopener\">oil prices<\/a>, but I still favour a coming test of the 1.2500 to 1.2600 resistance zones, with the 1.2600 level probably the best area to attempt to sell the USDCAD pair.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-808ccbf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"808ccbf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e29ea59\" data-id=\"e29ea59\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-db69537 elementor-widget elementor-widget-image\" data-id=\"db69537\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"564\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/USDCAD-1D.png\" class=\"attachment-large size-large wp-image-17889\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6102a88e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6102a88e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-448eaf55\" data-id=\"448eaf55\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1178ed01 elementor-widget elementor-widget-text-editor\" data-id=\"1178ed01\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US dollar has started to rise against the Canadian dollar, as the Canadian dollar comes out of favour with FX traders and the price of oil starts to struggle above the $80.00 level. Last week the USDCAD pair staged a strong bounce after the FOMC policy meeting, as the greenback strengthened on the tapering [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[69,572,31],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDCAD Technical Analysis - 1.2600 Highly Probable - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-1-2600-highly-probable\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDCAD Technical Analysis - 1.2600 Highly Probable\" \/>\n<meta property=\"og:description\" content=\"The US dollar has started to rise against the Canadian dollar, as the Canadian dollar comes out of favour with FX traders and the price of oil starts to struggle above the $80.00 level. 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