USDCAD – key barriers at 1.2916/25 under increased pressure
The pair extends steep ascend from 1.2670 base and pressures key barrier at 1.2916 (27 Oct recovery peak, the highest since mid-July).
Strong recovery extended after double-bottom was formed (1.2665/70) and showing scope for eventual break above 1.2916 peak and nearby Fibo barrier at 1.2625 (50% retracement of larger 1.3789/1.2061 descend).
Bullish techs are supporting positive sentiment, with OPEC meeting also being focused for fresh signals.
Strongly overbought slow stochastic on daily chart warns of consolidative / corrective action preceding break higher.
Rising thick hourly cloud (spanned between 1.2831 and 1.2773) is expected to contain extended dips.
Res: 1.2916; 1.2925; 1.3000; 1.3071
Sup: 1.2856; 1.2831; 1.2791; 1.2773