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Technical analysis for the USDCAD on 22.05.2015

The USDCAD has been consolidating above 1.2180 resistance for the third day

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 190 pips Max. 1.2390

Min. 1.2000

usdcad8

The uptrend in the New Zealand dollar has turned into consolidation. Trading is currently carried out above the strong support of 1.2180, which has been holding back the price for three weeks.

Consolidation is likely to continue until the American session, in particular until the release of significant fundamental data in Canada (Core Consumer Price index, Core Retail Sales index) at 15.30.

The price is expected to re-test 1.2180 support amid the news, then it will most likely rebound up. Potential growth targets will be found at 1.2290, 1.2390.

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 has been consolidating above 1.2180 resistance for the third day

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 190 pips Max. 1.2390

Min. 1.2000

usdcad8

The uptrend in the New Zealand dollar has turned into consolidation. Trading is currently carried out above the strong support of 1.2180, which has been holding back the price for three weeks.

Consolidation is likely to continue until the American session, in particular until the release of significant fundamental data in Canada (Core Consumer Price index, Core Retail Sales index) at 15.30.

The price is expected to re-test 1.2180 support amid the news, then it will most likely rebound up. Potential growth targets will be found at 1.2290, 1.2390.

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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