USD/CAD – Monthly Analysis
USD/CAD — another month is in the books. The U.S. dollar inched higher, the Canadian dollar slipped, and November’s candles are ready to weigh in — and they’re rarely wrong.
In this analysis, we map the long- and mid-term outlook for USD/CAD (and CAD/USD), leveraging multi-timeframe candles, momentum, Elliott Waves, and historical analogs to frame what’s next for the Loonie. Let’s unpack the latest signals and the levels that matter.
CANDLES
USD/CAD
The October close just added more pain for me and my Canadian compatriots. The monthly printed a solid bullish continuation candle, and all smaller frames are pointed higher, supported by bullish trends and technicals for USD. Sigh. Overall, the Loonie is on track to lose value in the mid- to long-term.
ELLIOTT WAVES
CAD/USD
Long term chart remains the same.
Wave 3 targets:
CAD/USD – 0.67 – 0.58
USD/CAD – 1.49 – 1.72
USD/CAD
This chart has been tracked since 2021 and remains practically unchanged.
Two main counts:
Blue (primary):
Wave 4 complete.
Next target: $1.68-1.80
Green:
The pair works on wave 5 of a Leading Diagonal
Next target: $1.50-1.75
Target by a 5-year flag: $1.73
SUMMARY:
The Canadian dollar (CAD) remains in a prolonged bearish trend following its annual close, while the U.S. dollar strengthens on firm technical footing.
Despite official projections for a moderate CAD recovery, the technical picture does not support it — at all. Persistent bearish formations point to further downside rather than stabilization, and October’s monthly close has only reinforced that view.
Outlook: CAD remains weak against USD. Even with calls for stabilization or recovery, the technical profile continues to favor an extended bearish trajectory.
Happy Trading!
Dollar Index: DXY
https://investingangles.com/category/currencies/usd/
