The USDCAD has breached strong support at 1.1970
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.2050
Min. 1.1800 |
The price broke and held below tough support of 1.1970, which had been holding back the downtrend for three weeks.
The breakout of 1.1970 support occurred at low volumes and low volatility. But as the bears managed to hold below the level, their potential remains dominating.
Potential decline targets are situated at 1.1900, 1.1800.
Alternative scenario: short-term consolidation above the 1.1970 resistance is probable.
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 | ≈ 130 pips | Max. 1.2050
Min. 1.1800 |
The price broke and held below tough support of 1.1970, which had been holding back the downtrend for three weeks.
The breakout of 1.1970 support occurred at low volumes and low volatility. But as the bears managed to hold below the level, their potential remains dominating.
Potential decline targets are situated at 1.1900, 1.1800.
Alternative scenario: short-term consolidation above the 1.1970 resistance is probable.
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!