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    Technical analysis for the USDCAD on 15.10.2015

    The USDCAD is expected to test tough support at 1.2865

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 1.3010
    Min. 1.2800

    usdcad

    The price bounced down from 1.3070 resistance again, and the bears broke round support of 1.2900 for the second time, which opened the way for another test of 1.2665 support from  29.07.2015.

    Bearish trend is developing within the descending channel. As long as the channel remains intact, downtrend will preserve.

    The breaking of 1.2865 support will be a strong signal for the continuation of the downtrend. Potential decline target is situated at 1.2800.

    Alternative scenario: 

    usdcad1

    If the test of 1.2865 support is followed by a long-term consolidation, we’ll be expecting the rebound up towards 1.2955 resistance.

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

    The USDCAD is expected to test tough support at 1.2865

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 110 pips Max. 1.3010
    Min. 1.2800

    usdcad

    The price bounced down from 1.3070 resistance again, and the bears broke round support of 1.2900 for the second time, which opened the way for another test of 1.2665 support from  29.07.2015.

    Bearish trend is developing within the descending channel. As long as the channel remains intact, downtrend will preserve.

    The breaking of 1.2865 support will be a strong signal for the continuation of the downtrend. Potential decline target is situated at 1.2800.

    Alternative scenario: 

    usdcad1

    If the test of 1.2865 support is followed by a long-term consolidation, we’ll be expecting the rebound up towards 1.2955 resistance.

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!


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