USD/CAD forecast for 27 November

When we first look at the chart on the weekly time frame, we notice that the USD/CAD pair fell below all three moving averages MA200, MA100, and MA50, the decline of the dollar continues after the US elections, news of pharmaceutical companies about vaccine success, and potential financial stimulus to the economy The dollar is in free fall. We can expect the USD / CAD to fall below 1.29000 closer to lower levels. The continuation of the bearish scenario is very likely.

On the chart, on the daily time frame, we see more clearly that the USD/CAD is at a critical level around 1.30000 and that if the break below, there are no obstacles to fall to 1.27000 in the coming period.
The graph has formed a descending channel, and we will stick to this as a parameter to monitor the USD/CAD pair’s movement.

On the weekly time frame, on the daily one from the top, we have a break below all three moving averages MA200, MA100, MA50. The MA100 indicator is currently a higher resistance of USD/CAD to bullish. It is unlikely but not impossible, a shorter pullback to the parallel channel’s upper line where it will meet the indicators around 1.31000. Here, too, the bearish scenario prevails in the coming period.
On the four-hour time frame, we see on the chart that the USD/CAD pair is consolidating around 1.30000, today’s reason could be a holiday in America, and the market has no volatility. From the top, we have a smaller trend line, which is, for now, a resistance to the bullish option.

If we see a break, it is important to pay attention to whether the chart will make a lower high or higher high. Following the economic calendar, greater volatility, and faster movement on the chart, we can expect next week, full of important news from Canada and America. We will single out: Canadian Gross Domestic Product (GDP for September) and Canadian Employment Change for November, American Pending Home Sales Report for October, The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI), Nonfarm Payrolls measures, and The Unemployment Rate for November.