The Canadian dollar (CAD) closed November at 0.76866, up from October’s final settlement of 0.75065. While this cleared the previous high monthly close of 0.76634 from August it was still below the December 2019 settlement of 0.76965. While the CAD looks to be building bullish momentum, possibly enough to push it toward 0.80, monthly stochastics have climbed above 90%, setting the stage for a potential bearish crossover that would signal another round of selling. For now I’m going to continue to call the major (long-term) trend sideways between the January 2016 low monthly close of 0.71557 and the January 2018 close of 0.81197. With the CAD approaching the upper end of the range, again with stochastics already overbought, sellers could be waiting for their opportunity.