State of the USD/CAD pair

The pair USD/CAD significantly accelerated growth on optimistic data on the sale of new housing in the US. It showed significant growth in October. An additional factor in strengthening of the American against the Canadian was the preservation of the key interest rate by the Bank of Canada at the same level. The tone of the protocol remains fair-spoken.

As a result, the pair USD/CAD appreciably strengthened and is trading under the resistance level of 1.2780, the maximum of August this year. This mark is a significant resistance. The breakthrough of this level will indicate a reversal of the downtrend, which was traced from May this year. In case of fixing the pair above 1.2780 – this will open the way to the levels: 1.2850-60 and 1.2900-30 (Fibo 50.0 from the May maximum).

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Hanzenko Anton