The USDCAD is consolidating below round resistance of 1.3000
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 1.3100Min. 1.2900 |
The US dollar approached round resistance at 1.3000 on its way up against the Canadian dollar. The price has been consolidating below this mark for the third day, which gives reasons to expect correction.
Potential correction target is found at the lower border of the ascending channel – 1.2910 – 1.2890. The test of these marks will most likely trigger consolidation, followed by the rebound up and further growth.
Potential targets are situated at the following resistance levels: 1.3000, 1.3050, 1.3100.
Alternative scenario: if price breaks and holds above the 1.3000 resistance, it will allow the bulls to continue the uptrend.
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 consolidating below round resistance of 1.3000
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 1.3100Min. 1.2900 |
The US dollar approached round resistance at 1.3000 on its way up against the Canadian dollar. The price has been consolidating below this mark for the third day, which gives reasons to expect correction.
Potential correction target is found at the lower border of the ascending channel – 1.2910 – 1.2890. The test of these marks will most likely trigger consolidation, followed by the rebound up and further growth.
Potential targets are situated at the following resistance levels: 1.3000, 1.3050, 1.3100.
Alternative scenario: if price breaks and holds above the 1.3000 resistance, it will allow the bulls to continue the uptrend.
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!