The USDCAD has retraced above 1.1970
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.2150
Min. 1.1850 |
Short-term breakout of 1.1970 support didn’t last long. The price traded below the level for a while, and then broke it back up, which opened the way to the descending trend line at 1.2050.
Descending trend line at 1.2050 acts as the key resistance for the bears. As long as the trend line remains safe, bearish potential preserves.
Another breakout of 1.1970 support can be considered as a signal for continuation of the downtrend.
Alternative scenario: to turn the downtrend up, bulls have to break above the descending trend line of 1.2050 and resistance at 1.2070.
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 retraced above 1.1970
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.2150
Min. 1.1850 |
Short-term breakout of 1.1970 support didn’t last long. The price traded below the level for a while, and then broke it back up, which opened the way to the descending trend line at 1.2050.
Descending trend line at 1.2050 acts as the key resistance for the bears. As long as the trend line remains safe, bearish potential preserves.
Another breakout of 1.1970 support can be considered as a signal for continuation of the downtrend.
Alternative scenario: to turn the downtrend up, bulls have to break above the descending trend line of 1.2050 and resistance at 1.2070.
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!