The USDCAD will be testing resistance at 1.2180 for the third time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.2290
Min. 1.1965 |
Four-week flat within 1.2180 – 1.1965 can either turn into the bearish trend or turn up for correction.
Today a lot will depend on the 1.2180 resistance and its strength. The barrier will be tested for the third time, most likely during the BoE Governor Poloz’s speech at 18.45.
The breakout of level 1.2180 will turn the bearish trend up and bulls will proceed to the next target at 1.2290.
Alternative scenario: false test of 1.2180 resistance will trigger a rebound to 1.1965 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 will be testing resistance at 1.2180 for the third time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.2290
Min. 1.1965 |
Four-week flat within 1.2180 – 1.1965 can either turn into the bearish trend or turn up for correction.
Today a lot will depend on the 1.2180 resistance and its strength. The barrier will be tested for the third time, most likely during the BoE Governor Poloz’s speech at 18.45.
The breakout of level 1.2180 will turn the bearish trend up and bulls will proceed to the next target at 1.2290.
Alternative scenario: false test of 1.2180 resistance will trigger a rebound to 1.1965 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!