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Technical analysis for the USDCAD on 10.11.2015

The USDCAD: the uptrend has turned into consolidation

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.3400
Min. 1.3200

usdcad

The price broke resistance at 1.3280 and is now pulling back down. Correction is taking place amid low volumes and within the ascending channel (dashed line).

Level 1.3280 is currently acting as the key barrier for the Canadian dollar. The uptrend will continue if price breaks and holds above this barrier.

The closest growth target will be situated at the weekly high of 1.3315 resistance. The breakout of this barrier will allow bulls to push the price further up towards 1.3355, 1.3400.

Alternative scenario:  

Correction down will continue if price breaks support at 1.3245. Potential correction target will be found at 1.3200.

 

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

The USDCAD: the uptrend has turned into consolidation

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.3400
Min. 1.3200

usdcad

The price broke resistance at 1.3280 and is now pulling back down. Correction is taking place amid low volumes and within the ascending channel (dashed line).

Level 1.3280 is currently acting as the key barrier for the Canadian dollar. The uptrend will continue if price breaks and holds above this barrier.

The closest growth target will be situated at the weekly high of 1.3315 resistance. The breakout of this barrier will allow bulls to push the price further up towards 1.3355, 1.3400.

Alternative scenario:  

Correction down will continue if price breaks support at 1.3245. Potential correction target will be found at 1.3200.

 

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



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