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Technical analysis for the USDCAD on 21.05.2015

The USDCAD is consolidating above the strong support of 1.2180

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 1.2300

Min. 1.2070

usdcad7

Having breached strong resistance at 1.2180, the price corrected back to the level, which is now acting as support. The test of the level triggered a short-term consolidation.

The longer the price consolidates at 1.2180, which is crossed by the lower border of the ascending channel, the bigger is the possibility of a rebound up and continuation of the bullish trend.

Potential growth target is situated at 1.2290 – 1.2300 resistance.

Alternative scenario: the uptrend will turn down if price breaks support at 1.2180.

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 consolidating above the strong support of 1.2180

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 1.2300

Min. 1.2070

usdcad7

Having breached strong resistance at 1.2180, the price corrected back to the level, which is now acting as support. The test of the level triggered a short-term consolidation.

The longer the price consolidates at 1.2180, which is crossed by the lower border of the ascending channel, the bigger is the possibility of a rebound up and continuation of the bullish trend.

Potential growth target is situated at 1.2290 – 1.2300 resistance.

Alternative scenario: the uptrend will turn down if price breaks support at 1.2180.

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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