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Technical analysis for the USDCAD on 03.08.2015

The USDCAD broke strong resistance at 1.3100

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 1.3250

Min. 1.3000

usdcad

Bulls have finally managed to break tough resistance and the last week’s high of 1.3100. The breakout occurred at high volume, which suggests continuation of the uptrend.

Level 1.3100 is now acting as strong support. Its re-test will be most likely followed by a short-term consolidation, and then the rebound up.

Potential growth targets are situated at 1.3200, 1.3300 resistance levels.

Alternative scenario: the breaking of 1.3100support will allow the bears to correct the price in the range of the ascending trend line at 1.3000.

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 broke strong resistance at 1.3100

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 1.3250

Min. 1.3000

usdcad

Bulls have finally managed to break tough resistance and the last week’s high of 1.3100. The breakout occurred at high volume, which suggests continuation of the uptrend.

Level 1.3100 is now acting as strong support. Its re-test will be most likely followed by a short-term consolidation, and then the rebound up.

Potential growth targets are situated at 1.3200, 1.3300 resistance levels.

Alternative scenario: the breaking of 1.3100support will allow the bears to correct the price in the range of the ascending trend line at 1.3000.

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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