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    Technical analysis for the USDCAD on 24.04.2015

    The USDCAD is consolidating at 1.2140 support

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 160 pips Max. 1.2275

    Min. 1.2000

    usdcad8

    The US dollar has been correcting against the Canadian dollar for the whole week after sharp decline last week. Upside correction paused at 1.2275, and the priсe bounced down to the last week’s low at 1.2140 support.

    The test of the level was followed by consolidation, which will last until the BoC Governor Poloz delivers his speech at 17.30.

    This news is a high impact, so the price is expected to break support at 1.2140 amid the release, and the downtrend should continue. Potential decline targets are situated at 1.2100, 1.2000.

    Alternative scenario: bearish trend will turn up if price breaks and holds above 1.2275 resistance.

    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 consolidating at 1.2140 support

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 160 pips Max. 1.2275

    Min. 1.2000

    usdcad8

    The US dollar has been correcting against the Canadian dollar for the whole week after sharp decline last week. Upside correction paused at 1.2275, and the priсe bounced down to the last week’s low at 1.2140 support.

    The test of the level was followed by consolidation, which will last until the BoC Governor Poloz delivers his speech at 17.30.

    This news is a high impact, so the price is expected to break support at 1.2140 amid the release, and the downtrend should continue. Potential decline targets are situated at 1.2100, 1.2000.

    Alternative scenario: bearish trend will turn up if price breaks and holds above 1.2275 resistance.

    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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