USD/CAD Technical Analysis: Greenback is spiking to fresh November highs ahead of FOMC
|- USD/CAD is spiking to new monthly highs above the 1.3300 handle ahead of the FOMC minutes.
- The level to beat for bulls is the 1.3310/1.3331 resistance zone .
USD/CAD daily chart
The loonie on the daily chart is spiking up above the 1.3300 handle above the main daily simple moving averages (DMAs). The FOMC minutes will be released at 19:00 GMT this Wednesday.
USD/CAD four-hour chart
USD/CAD is challenging the 1.3310/1.3331 resistance zone (near the October high) while trading above the main SMAs. A break above the October highs can lead to further strength towards the 1.3352 and 1.3435 levels, according to the Technical Confluences Indicator.
USD/CAD 30-minute chart
USD/CAD is trading above its main SMAs, suggesting a bullish momentum in the near term. Support is seen at the 1.3276 and 1.3240 price zone, according to the Technical Confluences Indicator.
Additional key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.