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Technical analysis for the USDCAD on 13.05.2015

The USDCAD is about to test 1.1970 support for the third time

Direction Period Expected price movement Price movement corridor
↓↑ 2 days ≈ 210 pips Max. 1.2180

Min. 1.1900

usdcad2

The Canadian dollar has been trading in a sideways rectangle of 1.2180 – 1.1970 for the third week. The bears have tested its lower border at 1.1970 twice in the last three weeks, but unsuccessfully.

Today we expect the third test of 1.1970 support. Current divergence suggests weakening bearish strength.

When testing level 1.1970 the price may refresh its previous lows. But if it retraces above the 1.1970 mark, we’ll be expecting a rebound up with the target at 1.2180.

Alternative scenario: the breakout of strong support at 1.1970 will be a good signal for the continuation of the downtrend.

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 1.1970 support for the third time

Direction Period Expected price movement Price movement corridor
↓↑ 2 days ≈ 210 pips Max. 1.2180

Min. 1.1900

usdcad2

The Canadian dollar has been trading in a sideways rectangle of 1.2180 – 1.1970 for the third week. The bears have tested its lower border at 1.1970 twice in the last three weeks, but unsuccessfully.

Today we expect the third test of 1.1970 support. Current divergence suggests weakening bearish strength.

When testing level 1.1970 the price may refresh its previous lows. But if it retraces above the 1.1970 mark, we’ll be expecting a rebound up with the target at 1.2180.

Alternative scenario: the breakout of strong support at 1.1970 will be a good signal for the continuation of the downtrend.

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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