# USDCAD Reversal Signal (Nov 22, 2016) Source: https://www.tradersway.com/resources/market-info/usdcad-reversal-signal-nov-22-2016/ Language: en Updated: 2016-11-22 Description: Explore USDCAD Reversal Signal (Nov 22, 2016). USDCAD seems to be. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. USDCAD seems to be tired from its climb, as a double top pattern formed on its 1-hour time frame. Price is still testing the neckline at the 1.3400 major psychological level before conrfirming this reversal signal. A break below the 1.3400 neckline could push the pair down by at least 150 pips or the same height as the chart formation. On the other hand, if support holds, another move towards the 1.3550 area could take place. The 100 SMA just crossed below the longer-term 200 SMA so the path of least resistance is to the downside. However, stochastic seems to be turning up so a return in buying pressure could be seen. The Canadian dollar is relying on crude oil price rallies for now, as optimistic expectations for an OPEC output deal are currently shoring up prices. In the technical talks this week, sources are saying that there has been some progress even though some concerns about Iran remain. They also noted that several members are willing to give Iran some flexibility with its production levels to make up for lost output when sanctions were still in place. As for the dollar, Fed Chairperson Yellen strengthened hopes for a December rate hike in last week’s testimony. She explained that the central bank would need to tighten monetary policy to give room for increased fiscal stimulus without running the risk of an overheating economy. ![USDCAD Reversal Signal (Nov 22, 2016)] FOMC minutes are up for release this week and this could further boost hopes for a Fed hike next month. However, this may have been long priced in so traders might have a larger reaction to OPEC-related updates ahead of the November 30 meeting. *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-reversal-signal-nov-22-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/usdcad-reversal-signal-nov-22-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/usdcad-reversal-signal-nov-22-2016/", "headline": "USDCAD Reversal Signal (Nov 22, 2016)", "inLanguage": "en", "datePublished": "2016-11-22T07:46:04+00:00", "dateModified": "2016-11-22T07:46:04+00:00", "articleSection": "Market Info", "description": "Explore USDCAD Reversal Signal (Nov 22, 2016). USDCAD seems to be. 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-reversal-signal-nov-22-2016/#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 Reversal Signal (Nov 22, 2016)", "item": "https://www.tradersway.com/resources/market-info/usdcad-reversal-signal-nov-22-2016/" } ] } ] } ``` ```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" } } ] } ```