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31.10.202318:00 Forex Analysis & Reviews: USD/CAD challenging 1.3880 key resistance

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The USD/CAD pair is trading at 1.3876 at the time of writing. The USD appreciated versus its rivals as the Dollar Index edged higher. Still, an upside continuation needs confirmation. The bias remains bullish despite temporary retreats.

Fundamentally, the currency pair rallied as the CAD was punished by the Canadian GDP which reported only a 0.0% growth versus the 0.1% growth expected. On the other hand, the US CB Consumer Confidence came in at 102.6 points versus the 100.5 points estimated, while the Employment Cost Index rose by 1.1% beating the 1.0% growth estimates.

USD/CAD Bullish Momentum!

Exchange Rates 31.10.2023 analysis

Technically, the USD/CAD pair failed to stay below the median line (ml) of the ascending pitchfork in the last attempt and now it challenges the upper median line (uml) again.

This represents a dynamic resistance. Also, 1.3880 represents a static upside obstacle.

USD/CAD Forecast!

A bullish closure above the upper median line (uml) and above 1.3880 activates further growth and is seen as a buying opportunity. The warning line (wl1) is seen as a potential upside target.

Ralph Shedler
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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