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Daily Technical Analysis Research 28.11.2024 – Global Markets (USDCAD)

By Matthew Hayward

November 28, 2024

3 min read

Daily Technical Analysis Research 28.11.2024 – Global Markets...

DOLLAR VS CANADIAN DOLLAR (USDCAD):

The Canadian Dollar has continued to weaken against the U.S. Dollar, with the pair trending higher. Currently trading just above the key psychological level of 1.40000, the price is approaching a significant higher-timeframe resistance area that was recently broken and now appears to be undergoing a retest.

Daily Technical Analysis Research 28.11.2024 - Global Markets (USDCAD) - aCb69OcC
A closer analysis of the technicals reveals that after breaking out of the previous resistance area, the price consolidated briefly before resuming its upward trend. As I’ve frequently highlighted, using a simple Fibonacci tool to identify key levels between highs and lows can effectively pinpoint optimal reversal zones, offering a strategic advantage in trending markets. The RSI indicator currently shows no signs of a slowdown, suggesting there may still be room for further upside, particularly with the potential for new tariffs on Canada under Trump’s administration adding to the momentum.

Daily Technical Analysis Research 28.11.2024 - Global Markets (USDCAD) - 3A589Lbe

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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