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    Technical analysis for the USDCAD on 08.07.2015

    The USDCAD: steady uptrend preserves

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 1.2900

    Min. 1.2460

    usdcad4

    The US dollar kept strengthening against the CAD, breaking resistance at 1.2630. The uptrend approached resistance at 1.2775 at low volumes.

    Current divergence suggests weakening of the bullish trend. From the technical point, however, the trend is developing within the ascending channel and hasn’t given any signals for reversal yet.

    To continue growth, bulls have to break and hold above the resistance of 1.2775. The breakout will open the way to levels 1.2800, 1.2900.

    Alternative scenario: the breaking of the ascending channel’s lower border at 1.2680 will trigger correction down towards 1.2630.          

     

    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: steady uptrend preserves

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 1.2900

    Min. 1.2460

    usdcad4

    The US dollar kept strengthening against the CAD, breaking resistance at 1.2630. The uptrend approached resistance at 1.2775 at low volumes.

    Current divergence suggests weakening of the bullish trend. From the technical point, however, the trend is developing within the ascending channel and hasn’t given any signals for reversal yet.

    To continue growth, bulls have to break and hold above the resistance of 1.2775. The breakout will open the way to levels 1.2800, 1.2900.

    Alternative scenario: the breaking of the ascending channel’s lower border at 1.2680 will trigger correction down towards 1.2630.          

     

    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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