# USDCAD Descending Channel (Nov 30, 2016) Source: https://www.tradersway.com/resources/market-info/usdcad-descending-channel-nov-30-2016/ Language: en Updated: 2016-11-30 Description: Explore USDCAD Descending Channel (Nov 30, 2016). USDCAD is still. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. USDCAD is still trending lower, moving inside a descending channel on its 1-hour chart and bouncing off resistance. Price is now making its way back down towards support at the 1.3300 to 1.3350 area, although it could encounter a near-term floor at 1.3400. The moving averages are oscillating so the range-bound action could continue. The 100 SMA is slightly above the longer-term 200 SMA so the path of least resistance is to the upside, suggesting that another test of resistance could be in the cards. Also, stochastic is heading up from the overbought zone to indicate that buyers are regaining control of price action. Price could move up to the 1.3480 area or the top of the channel and perhaps attempt to break higher, depending on the event risks. Data from the US came in stronger than expected, as the Q3 GDP reading was upgraded from 2.9% to 3.2% while the CB consumer confidence showed a large jump this month. On the other hand, Canada’s current account deficit came in wider than expected. Canada’s monthly GDP reading is due today and a 0.1% uptick is eyed, lower than the earlier 0.2% expansion. However, the bigger driver of price action could be the OPEC meeting, as an output deal could mean strong gains for the oil-related Loonie. ![USDCAD Descending Channel (Nov 30, 2016)] For now, energy ministers don’t seem ready to reach a deal yet, as Iran has stated that it won’t participate in a production cut. Iraq mentioned that it won’t cooperate unless all the other members are on board. The lack of an agreement could mean more losses for oil and the Canadian dollar. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/usdcad-descending-channel-nov-30-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/usdcad-descending-channel-nov-30-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/usdcad-descending-channel-nov-30-2016/", "headline": "USDCAD Descending Channel (Nov 30, 2016)", "inLanguage": "en", "datePublished": "2016-11-30T07:44:28+00:00", "dateModified": "2016-11-30T07:44:28+00:00", "articleSection": "Market Info", "description": "Explore USDCAD Descending Channel (Nov 30, 2016). USDCAD is still. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/usdcad-descending-channel-nov-30-2016/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "USDCAD Descending Channel (Nov 30, 2016)", "item": "https://www.tradersway.com/resources/market-info/usdcad-descending-channel-nov-30-2016/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```