The U.S. dollar and the Canadian dollar are lately oscillating within an upside formation between the range of 1.3379 and 1.3492 respectively.
The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 1.3492 level.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 35 zone.
Alternatively, should the sellers take the lead and force the price below the 1.3471 area, the pair could decline as low as 1.3379.
- The Markit Services PMI (Nov) and the Markit PMI Composite (Nov) releases will likely have a medium influence on the U.S. dollar
- There are no any major releases that could have an impact on the Canadian dollar
· Probable trend (Bullish): 1.3492
· Bullish take profit target: 1.3563
· Stop loss target: 1.3471
· Alternative trend (Bearish): 1.3471
· Bearish take profit target: 1.3379