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Technical analysis for the USDCAD on 12.06.2015

The USDCAD is consolidating below 1.2335 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 125 pips Max. 1.2385

Min. 1.2175

usdcad3

The downtrend in the CAD turned up for correction yesterday and the price broke the upper border of the descending channel at 1.2280.

The exit from the channel is a good signal in favor of further growth. To confirm this scenario, however, bulls have to break and hold above the current resistance of 1.2335.

As long as level 1.2335 remains safe, downtrend potential preserves. Potential decline targets are 1.2240, 1.2170.

Alternative scenario: the breakout of 1.2335 resistance will open the way up to the next resistance at 1.2385.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The USDCAD is consolidating below 1.2335 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 125 pips Max. 1.2385

Min. 1.2175

usdcad3

The downtrend in the CAD turned up for correction yesterday and the price broke the upper border of the descending channel at 1.2280.

The exit from the channel is a good signal in favor of further growth. To confirm this scenario, however, bulls have to break and hold above the current resistance of 1.2335.

As long as level 1.2335 remains safe, downtrend potential preserves. Potential decline targets are 1.2240, 1.2170.

Alternative scenario: the breakout of 1.2335 resistance will open the way up to the next resistance at 1.2385.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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