The USDCAD is correcting down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.2775
Min. 1.2560 |
The CAD growth halted at 1.2775 resistance and turned into a short-term consolidation. Having breached the ascending trend line at 1.2715, bears are now targeting level 1.2630.
Potential correction targets are 1.2630 and 1.2560 support. The test of one of these levels will most likely bolster continuation of the medium-term bullish trend.
Potential growth target is situated at the weekly high – 1.2775 resistance.
Alternative scenario: long consolidation above strong support of 1.2560, which is crossed by the ascending trend line.
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 correcting down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.2775
Min. 1.2560 |
The CAD growth halted at 1.2775 resistance and turned into a short-term consolidation. Having breached the ascending trend line at 1.2715, bears are now targeting level 1.2630.
Potential correction targets are 1.2630 and 1.2560 support. The test of one of these levels will most likely bolster continuation of the medium-term bullish trend.
Potential growth target is situated at the weekly high – 1.2775 resistance.
Alternative scenario: long consolidation above strong support of 1.2560, which is crossed by the ascending trend line.
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!