FX.co ★ Technical Analysis of USD/CAD for November 25, 2014

The oil prices put pressure on this pair. The Canadian dollar raises its voice against the US dollar. The pair took the support from 50Dsma and started bouncing from a 3-week low. Today, the pair opened on a bullish mode, opened lower at 1.1278. The pair has the nearest resistance at 1.1315 20Dsma, above this strong upswing looms for targets at 1.1370, 1.1390, and 1.1400. On the down side, the pair has strong support zone between 1.1120 and 1.1100. Bears will have an upper hand below 1.1100. Ahead of the OPEC meeting on Thursday, we expect huge volatile this week. We can see a huge spike in case if the prices are breached above 1.1325. The pair has strong resistance zone between 1.1393 and 1.1402 and support zone between 1.1215 and 1.1191. The pair has major resistance at 1.1425 on a daily closing basis. In case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. Today, traders' focus shifts to Canadian retail sales and US consumer confidence data.