Forex4you - Analytics

Forex4you

514.75 7.00/10
57% of positive reviews
Real

Technical analysis for the USDCAD on 29.06.2015

The USDCAD: downside correction is expected

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 1.2420

Min. 1.2190

usdcad10

The US dollar’s strengthening against the CAD was halted by strong resistance at 1.2360. Bulls attempted to break above the barrier twice, but failed.

The second test of 1.2360 resistance was followed by the breakout of the ascending channel’s lower border. The exit from the channel suggests possible reversal up.

Potential targets for the downside correction are situated at 1.2290, 1.2220, 1.2190 (ascending trend line). The test of the trend line will most likely trigger consolidation.

Alternative scenario: to continue the uptrend, bulls have to break and hold above the descending trend line of 1.2380.

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: downside correction is expected

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 1.2420

Min. 1.2190

usdcad10

The US dollar’s strengthening against the CAD was halted by strong resistance at 1.2360. Bulls attempted to break above the barrier twice, but failed.

The second test of 1.2360 resistance was followed by the breakout of the ascending channel’s lower border. The exit from the channel suggests possible reversal up.

Potential targets for the downside correction are situated at 1.2290, 1.2220, 1.2190 (ascending trend line). The test of the trend line will most likely trigger consolidation.

Alternative scenario: to continue the uptrend, bulls have to break and hold above the descending trend line of 1.2380.

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!



To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree