Friday, November 13, 2020

Level 1.33000 USD / CAD Target For Next Rise?

 Commodity currencies continued to move weaker against the US dollar until the end of trading this week after investors regained caution in the market.

The Canadian dollar also showed declines since the beginning of the week following concerns over an increase in cases of Coronavirus infection in the United States (US) and Europe in particular putting pressure on the crude oil market which is Canada's main export.

In addition, rising US crude oil inventory data also gives the impression that oil prices will continue to fall due to low demand.

Examining the price movement on the USD / CAD currency pair chart, the price remains bullish until the end of the week after the price starts moving above the Moving Average 50 (MA50) support level within the 1 hour time frame.

In yesterday's trading, it can be seen that the price is slightly lower after testing the resistance level of 1.31000 towards near the support level of MA50.

The New York session saw prices continue to move higher testing the SBR zone (support become resistance) 1.31000-1.31400.

The rise is still continuing higher on Friday trading above the 1.31400 level with the expectation of a higher rise towards the next focus zone at 1.32000.

If the price makes a reversal above the 1.31000 level, the expectation for a bearish trend change will push the price towards the support level at 1.30000.