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    Technical analysis for the USDCAD on 31.07.2015

    The USDCAD: the downtrend has turned up

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 1.3150

    Min. 1.2860

    usdcad16

    Three-day decline of the US dollar against the CAD is over. The trend has turned up as the price escaped from the descending channel (dashed line).

    Besides the breakout of the descending channel’s upper border at 1.2970, bulls also managed to hold above the round resistance of 1.3000. Level 1.3000 is now acting as strong support.

    Today we expect the price to approach the weekly high at 1.3100 resistance again. The test of the level will most likely trigger consolidation.

    Alternative scenario: downside correction into the ascending trend line of 1.2900 – 1.2910 is a possibility.

    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 downtrend has turned up

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 1.3150

    Min. 1.2860

    usdcad16

    Three-day decline of the US dollar against the CAD is over. The trend has turned up as the price escaped from the descending channel (dashed line).

    Besides the breakout of the descending channel’s upper border at 1.2970, bulls also managed to hold above the round resistance of 1.3000. Level 1.3000 is now acting as strong support.

    Today we expect the price to approach the weekly high at 1.3100 resistance again. The test of the level will most likely trigger consolidation.

    Alternative scenario: downside correction into the ascending trend line of 1.2900 – 1.2910 is a possibility.

    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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