The USDCAD broke and held above the tough resistance of 1.3215
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 125 pips | Max. 1.3400
Min. 1.3215 |
Having breached resistance at 1.3215, the price re-tested the barrier, which this time acted as tough support.
Despite the fact, that the test took place in the setting of increased volume, bears failed to break below the mark and the price bounced up. Today we expect another test of the 1.3215 support.
If the test is followed by a long consolidation, the price will most likely continue its medium-term bullish trend with potential growth targets at 1.3300, 1.3400.
Alternative scenario: long-term consolidation above the strong support of 1.3215 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 broke and held above the tough resistance of 1.3215
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 125 pips | Max. 1.3400
Min. 1.3215 |
Having breached resistance at 1.3215, the price re-tested the barrier, which this time acted as tough support.
Despite the fact, that the test took place in the setting of increased volume, bears failed to break below the mark and the price bounced up. Today we expect another test of the 1.3215 support.
If the test is followed by a long consolidation, the price will most likely continue its medium-term bullish trend with potential growth targets at 1.3300, 1.3400.
Alternative scenario: long-term consolidation above the strong support of 1.3215 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!