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    Technical analysis for the USDCAD on 10.06.2015

    The USDCAD: “double top” reversal pattern is expected

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 1.2400

    Min. 1.2175

    usdcad2

    Resistance at 1.2540 held back the uptrend and the price turned down, breaking the key support at 1.2385 on yesterday’s session.

    Level 1.2385 – is the «neckline» of the double top model. Its breakout only strengthened the bearish potential and readiness to push the price further down.

    The price has already reached its closest decline target at 1.2300. The next targets are situated at 1.2240, 1.2200, 1.2175.

    Alternative scenario: corrective growth into 1.2385 resistance, followed by consolidation 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: “double top” reversal pattern is expected

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 1.2400

    Min. 1.2175

    usdcad2

    Resistance at 1.2540 held back the uptrend and the price turned down, breaking the key support at 1.2385 on yesterday’s session.

    Level 1.2385 – is the «neckline» of the double top model. Its breakout only strengthened the bearish potential and readiness to push the price further down.

    The price has already reached its closest decline target at 1.2300. The next targets are situated at 1.2240, 1.2200, 1.2175.

    Alternative scenario: corrective growth into 1.2385 resistance, followed by consolidation 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!


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