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Technical analysis for the USDCAD on 16.06.2015

The USDCAD keeps consolidating below 1.2345 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 125 pips Max. 1.2450

Min. 1.2200

usdcad4

The downtrend in the CAD has turned into continuing consolidation below 1.2345 resistance. The price approached this level at low volumes, so there’s quite a possibility of a rebound down.

The intraday chart shows, that two last trading days closed with doji candlesticks. Current correction isn’t supported by trading volumes and lacks volatility.

Today the price is likely to make another attempt to test  1.2345 resistance. If the test turns out false, the price will bounce down to test 1.2240 support again.

Alternative scenario: to continue the uptrend, bulls have to break and hold above 1.2385 resistance.

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 keeps consolidating below 1.2345 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 125 pips Max. 1.2450

Min. 1.2200

usdcad4

The downtrend in the CAD has turned into continuing consolidation below 1.2345 resistance. The price approached this level at low volumes, so there’s quite a possibility of a rebound down.

The intraday chart shows, that two last trading days closed with doji candlesticks. Current correction isn’t supported by trading volumes and lacks volatility.

Today the price is likely to make another attempt to test  1.2345 resistance. If the test turns out false, the price will bounce down to test 1.2240 support again.

Alternative scenario: to continue the uptrend, bulls have to break and hold above 1.2385 resistance.

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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