The USDCAD: the uptrend has turned into downside consolidation
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 1.2780
Min. 1.2585 |
The US dollar keeps slowly correcting down from 1.2775 resistance. Decline is taking place at low volumes and amid low volatility.
The medium-term bullish trend remains relevant, so current correction has all chances to halt around the closest support of 1.2630.
If the test of 1.2630 support is followed by a long consolidation, the price will most likely rebound up and continue its ascension towards 1.2700, 1.2775, 1.2800.
Alternative scenario: the breaking of 1.2630 support will open the way down to the ascending trend line of 1.2585.
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: the uptrend has turned into downside consolidation
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 1.2780
Min. 1.2585 |
The US dollar keeps slowly correcting down from 1.2775 resistance. Decline is taking place at low volumes and amid low volatility.
The medium-term bullish trend remains relevant, so current correction has all chances to halt around the closest support of 1.2630.
If the test of 1.2630 support is followed by a long consolidation, the price will most likely rebound up and continue its ascension towards 1.2700, 1.2775, 1.2800.
Alternative scenario: the breaking of 1.2630 support will open the way down to the ascending trend line of 1.2585.
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!