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Technical analysis for the USDCAD on 12.11.2015

The USDCAD is consolidating below tough resistance of 1.3280

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 110 pips Max. 1.3355
Min. 1.3150

usdcad1

The CAD keeps correcting to the downside from 1.3315 resistance. Correction is taking place amid low volumes which indicates weakening bearish potential.

Long consolidation below strong resistance of 1.3280 will most likely allow the bears to correct the price towards 1.3190 support, which lies close to the ascending trend line.

If the test of 1.3190 support takes place on the back of low volumes, the price will most likely rebound up. Potential growth targets in this case will be situated at 1.3280, 1.3315.

Alternative scenario:

The uptrend from the current positions will recommence if price breaks resistance at 1.3280. The breakout will open the way to 1.3315, 1.3355 marks.

 

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 is consolidating below tough resistance of 1.3280

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 110 pips Max. 1.3355
Min. 1.3150

usdcad1

The CAD keeps correcting to the downside from 1.3315 resistance. Correction is taking place amid low volumes which indicates weakening bearish potential.

Long consolidation below strong resistance of 1.3280 will most likely allow the bears to correct the price towards 1.3190 support, which lies close to the ascending trend line.

If the test of 1.3190 support takes place on the back of low volumes, the price will most likely rebound up. Potential growth targets in this case will be situated at 1.3280, 1.3315.

Alternative scenario:

The uptrend from the current positions will recommence if price breaks resistance at 1.3280. The breakout will open the way to 1.3315, 1.3355 marks.

 

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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