USDCAD has seen a substantial rebound from a three-week low of on the US election night. It has been trading above the downside uptrend line support with strong bullish momentum.
Yet the current price is trading around the resistance zone between 1.3500 – 1.3520, the bullish momentum is likely to be restrained at this level.
If it is confirmed broken, then the next resistance level is 1.3550.
The resistance level is at 1.3500, followed by 1.3520 and 1.3550.
The support line is at 1.3480, followed by 1.3450 and 1.3430.
The Fed Vice Chair Fischer will make a speech at 14:00 GMT today, it will likely influence the strength of the dollar. The Bank of Canada Governor Poloz will also make a speech subsequently at 15:30, which will likely influence the trend of USDCAD.
Keep an eye on the US Michigan Consumer Sentiment Index (Nov), to be released today at 15:00 GMT, as it will likely influence the trend of USDCAD.