Canada should issue a cryptocurrency linked to CAD, an economic think tank C.D. Howe Institute suggests. That’s a great idea, and hopefully could help CAD grow. At the moment we’re seeing USDCAD going rather up than down.
The formation of the USDCAD currency pair suggests the construction of a global uptrend that moves inside a large green channel. The 1H timeframe shows a section of the market movement since September of this year.
SimpleFX USDCAD Chart Analysis: November 26, 2021
In the last section of the chart, we see an upward movement of the price from the lower green area in the direction of the upper green wall within the yellow channel. Currently, the price is near the upper yellow line. There is a possibility that soon the bulls will break through the upper yellow line near the resistance level of 1.279. If this price level breaks, it will open the way for them to a higher resistance level, which is located on the upper green line.
Alternatively, it is assumed that the upper yellow line will not be broken, so the market will push off from it and start moving in a downward direction. Most likely, the price will drop to the support level of 1.253, which is on the lower yellow line. If the bears still have strength left, they can try to break through the yellow line. With a successful breakdown of this level, market participants can expect a continuation of the downward movement to the lower green wall and the support level of 1.238.
We will continue to monitor the currency pair further.
