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Technical analysis for the USDCAD on 19.06.2015

The USDCAD is correcting to the upper border of the descending channel at 1.2290

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.2355

Min. 1.2130

usdcad6

False breakout of the last week’s low was observed yesterday at round support of 1.2200. Reversal above the level gives reasons to expect correction up.

Potential correction target is situated at the upper border of the descending channel of 1.2290. Bulls will get a chance to approach this barrier during the release of fundamental news in Canada at 15.30.

As long as the downtrend keeps within the descending channel, bears remain dominating in the market. The main decline target – another test of 1.2130 support.

Alternative scenario: the downtrend will turn up if price breaks the upper border of the descending channel at 1.2290.

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 correcting to the upper border of the descending channel at 1.2290

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.2355

Min. 1.2130

usdcad6

False breakout of the last week’s low was observed yesterday at round support of 1.2200. Reversal above the level gives reasons to expect correction up.

Potential correction target is situated at the upper border of the descending channel of 1.2290. Bulls will get a chance to approach this barrier during the release of fundamental news in Canada at 15.30.

As long as the downtrend keeps within the descending channel, bears remain dominating in the market. The main decline target – another test of 1.2130 support.

Alternative scenario: the downtrend will turn up if price breaks the upper border of the descending channel at 1.2290.

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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