USD/CAD Signal - USD 3 Month Bill Auction - 22 Nov 2021

Short

U.S. Dollar / Canadian Dollar (FX:USDCAD)

FX:USDCAD U.S. Dollar / Canadian Dollar

USDCAD has traded into resistance today prior to the USD 3 Month bill auction which reveals the yield on the US Government backed security. Technically the pair has traded to the upside in an ascending wedge pattern, and is now finding resistance at the long term 61.8% fibonacci level. We anticipate a rebound from this level down to previous support.

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