Forecast for USD/CAD on November 2, 2020

USD/CAD

The price settled above the balance indicator line and the Fibonacci level of 76.4% on the daily chart. The combination of the two supports is a good platform for further growth. The signal line of the Marlin oscillator is moving horizontally, which is also a sign of vigorous growth. The first target for growth is the Fibonacci level of 110.0%, which coincides with the July 30 high at 1.3460. It is possible for the price to grow to the Fibonacci level of 123.6% at 1.3525.

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The four-hour shows that the consolidation at the 76.4% Fibonacci level is visually complete. The Marlin oscillator has discharged from the overbought zone and is now ready to grow further. We are waiting for the price at the first target level of 1.3460.

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The material has been provided by InstaForex Company - www.instaforex.com