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Technical analysis for the USDCAD on 30.06.2015

The USDCAD: another breakout of strong 1.2460 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 2 days ≈ 170 pips Max. 1.2560

Min. 1.2285

usdcad11

The uptrend has halted at strong 1.2420 resistance for the second time in two weeks. Besides, bulls managed to hold above the strong 1.2360 resistance for the second time.

From the technical point, current situation suggests further uptrend. To confirm this signal, however, we have to wait till bulls break resistance at 1.2420.

The test of 1.2420 mark will most likely occur during the release of Canadian GDP data at 15.30. The breakout will open the way to the monthly high at 1.2560.

Alternative scenario: the breakout of the ascending channel’s lower border at 1.2340 will trigger the reversal of the uptrend.

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: another breakout of strong 1.2460 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 2 days ≈ 170 pips Max. 1.2560

Min. 1.2285

usdcad11

The uptrend has halted at strong 1.2420 resistance for the second time in two weeks. Besides, bulls managed to hold above the strong 1.2360 resistance for the second time.

From the technical point, current situation suggests further uptrend. To confirm this signal, however, we have to wait till bulls break resistance at 1.2420.

The test of 1.2420 mark will most likely occur during the release of Canadian GDP data at 15.30. The breakout will open the way to the monthly high at 1.2560.

Alternative scenario: the breakout of the ascending channel’s lower border at 1.2340 will trigger the reversal of the uptrend.

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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