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    Technical analysis for the USDCAD on 27.07.2015

    The USDCAD has corrected to the ascending trend line at 1.3010

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 1.3150

    Min. 1.2900

    usdcad13

    Having reached round resistance at 1.3100, the uptrend turned down for correction with target at the ascending trend line (the channel’s lower border) at 1.3010.

    The strong support 1.3010 crosses the ascending trend line and provides additional support on the way of the downside correction. The test of the 1.3010 mark will most likely trigger consolidation.

    To continue the uptrend, bulls have to break and hold above the resistance of 1.3100. The breakout will open the way to 1.3200.

    Alternative scenario: the breaking of 1.3010 support will allow bears to turn the uptrend down and proceed to the next target at 1.2900.

    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 has corrected to the ascending trend line at 1.3010

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 1.3150

    Min. 1.2900

    usdcad13

    Having reached round resistance at 1.3100, the uptrend turned down for correction with target at the ascending trend line (the channel’s lower border) at 1.3010.

    The strong support 1.3010 crosses the ascending trend line and provides additional support on the way of the downside correction. The test of the 1.3010 mark will most likely trigger consolidation.

    To continue the uptrend, bulls have to break and hold above the resistance of 1.3100. The breakout will open the way to 1.3200.

    Alternative scenario: the breaking of 1.3010 support will allow bears to turn the uptrend down and proceed to the next target at 1.2900.

    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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