Current trend

The pair is supported by increased expectations of an interest rates hike in the US in December. In addition, data on Manufacturing Sales that came out on Monday in Canada showed a significantly worse figure than predicted by economists. Manufacturing Sales shrank by 1.5% instead of a forecasted increase by 0.1%.

During the week, attention needs to be paid to the publication of the FOMC Minutes and data on the Consumer Price Index from Canada that could support the Canadian Dollar.

Support and resistance

The USD/CAD pair fell below its moving average with a 100 period that indicates a possible start of a downward trend. However, it should be noted that during the last week there were 2 failed breakdowns of the MA.

Support levels: 1.3274 (13 November lows).

Resistance levels: 1.3312 (moving average with 100 period).

Trading tips

Open short positions from the level of 1.3304 with the target at 1.3274 and stop-loss at 1.3312.

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