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    Technical analysis for the USDCAD on 28.04.2015

    The USDCAD has breached tough support at 1.2140

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 1.2210

    Min. 1.1975

    usdcad10

    Support at 1.2140 held back the downtrend for two weeks. The breakout of this barrier has allowed the bears to continue the decline.

    The main development in the Canadian dollar is expected at 15.45, during the BoC Governor Poloz speech. This news of a high impact, so there’s big chance that the price will re-test level 1.2140, now acting as resistance.

    If the re-test of the level turns out false, the price will bounce down. Potential decline target in this case will be found at 1.2000.

    Alternative scenario: correction up may occur if price breaks resistance at 1.2140.

    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 has breached tough support at 1.2140

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 1.2210

    Min. 1.1975

    usdcad10

    Support at 1.2140 held back the downtrend for two weeks. The breakout of this barrier has allowed the bears to continue the decline.

    The main development in the Canadian dollar is expected at 15.45, during the BoC Governor Poloz speech. This news of a high impact, so there’s big chance that the price will re-test level 1.2140, now acting as resistance.

    If the re-test of the level turns out false, the price will bounce down. Potential decline target in this case will be found at 1.2000.

    Alternative scenario: correction up may occur if price breaks resistance at 1.2140.

    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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