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    Technical analysis for the USDCAD on 27.04.2015

    The USDCAD is testing strong support at 1.2140

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 1.2260

    Min. 1.2000

    usdcad9

    Support at 1.2140, which  was formed two weeks ago, is a strong barrier on the way down. Divergence in trading volumes indicates weakening bearish strength.

    From the technical point, downtrend continues in the direction of the descending trend line of 1.2170, which also acts as a strong resistance.

    If bears manage to break 1.2140 support on today’s session, the downtrend will continue and the price will move on to the next targets at 1.2100, 1.2000.

    Alternative scenario: long consolidation above 1.2140 support will trigger the rebound up.

    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 testing strong support at 1.2140

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 1.2260

    Min. 1.2000

    usdcad9

    Support at 1.2140, which  was formed two weeks ago, is a strong barrier on the way down. Divergence in trading volumes indicates weakening bearish strength.

    From the technical point, downtrend continues in the direction of the descending trend line of 1.2170, which also acts as a strong resistance.

    If bears manage to break 1.2140 support on today’s session, the downtrend will continue and the price will move on to the next targets at 1.2100, 1.2000.

    Alternative scenario: long consolidation above 1.2140 support will trigger the rebound up.

    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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