The USDCAD: the uptrend is turning down for correction
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 180 pips | Max. 1.2900
Min. 1.2600 |
Bulls attempted to break the tough resistance of 1.2780 yesterday, but they failed to hold above the level and the price retraced back down.
After false breakout of 1.2780 resistance, the price corrected down right away, breaking the ascending trend line of 1.2740 on the way. This levels is now acting as the key barrier for the bulls.
If bears manage to hold below 1.2740, the price will keep correcting down to the next targets at: 1.2655, 1.2600, 1.2555.
Alternative scenario: to continue the uptrend, bulls have to break and hold above 1.2780.
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 is turning down for correction
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 180 pips | Max. 1.2900
Min. 1.2600 |
Bulls attempted to break the tough resistance of 1.2780 yesterday, but they failed to hold above the level and the price retraced back down.
After false breakout of 1.2780 resistance, the price corrected down right away, breaking the ascending trend line of 1.2740 on the way. This levels is now acting as the key barrier for the bulls.
If bears manage to hold below 1.2740, the price will keep correcting down to the next targets at: 1.2655, 1.2600, 1.2555.
Alternative scenario: to continue the uptrend, bulls have to break and hold above 1.2780.
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!