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Technical analysis for the USDCAD on 07.05.2015

The USDCAD has breached strong support at 1.1970

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.2180

Min. 1.1900

usdcad

The downtrend in the Canadian dollar has halted at 1.1970 support. The price has tested this barrier twice in the last two weeks.

The price tested support at 1.1970 yesterday and then refreshed the previous low at 1.1943, but failed to break it. The test turned out false, which gives reasons to expect a possible rebound up.

Potential rebound target is situated at 1.2180 resistance, which has already pushed the bulls down twice.

Alternative scenario: bearish trend will recommence if price breaks and holds below 1.1970 support.

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 strong support at 1.1970

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.2180

Min. 1.1900

usdcad

The downtrend in the Canadian dollar has halted at 1.1970 support. The price has tested this barrier twice in the last two weeks.

The price tested support at 1.1970 yesterday and then refreshed the previous low at 1.1943, but failed to break it. The test turned out false, which gives reasons to expect a possible rebound up.

Potential rebound target is situated at 1.2180 resistance, which has already pushed the bulls down twice.

Alternative scenario: bearish trend will recommence if price breaks and holds below 1.1970 support.

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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