The USDCAD is about to test 1.2180 resistance for the third time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 170 pips | Max. 1.2290
Min. 1.1970 |
Downtrend in the Canadian dollar has turned sideways – the price consolidated within the 1.1970 – 1.2180 range. After the false test of the sideways range’s lower border at 1.1970, the price rebounded to the upper border at 1.2180.
The US and Canadian Unemployment data will be released at 15.30 today. The price is expected to test resistance at 1.2180, which has already pushed the bulls down twice.
If the third test of the 1.2180 mark ends up with the breakout, the downtrend will turn up. Potential growth targets in this case will be situated at 1.2290, 1.2415.
Alternative scenario: to continue the downtrend, bears have to break and hold 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 is about to test 1.2180 resistance for the third time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 170 pips | Max. 1.2290
Min. 1.1970 |
Downtrend in the Canadian dollar has turned sideways – the price consolidated within the 1.1970 – 1.2180 range. After the false test of the sideways range’s lower border at 1.1970, the price rebounded to the upper border at 1.2180.
The US and Canadian Unemployment data will be released at 15.30 today. The price is expected to test resistance at 1.2180, which has already pushed the bulls down twice.
If the third test of the 1.2180 mark ends up with the breakout, the downtrend will turn up. Potential growth targets in this case will be situated at 1.2290, 1.2415.
Alternative scenario: to continue the downtrend, bears have to break and hold 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!