USDCAD breaks the support – Analysis - 23-11-2017
Economies.com
2017-11-23 05:31AM UTC
The USDCAD pair broke 1.2723 level clearly and closed yesterday's candlestick below it, to activate the bearish trend scenario on the short term basis, targeting the return to the main bearish trend, as the first target is located at 1.2470.
Therefore, the negative pressure will be suggested in the upcoming sessions supported by moving below the EMA50, noting that breaking 1.2665 will complete forming double top pattern that has the ability to push the price towards our waited target direct, while the expected bearish trend will remain valid unless breaching 1.2723 level and holding above it.
Expected trading range for today is between 1.2600 support and 1.2765 resistance.
Expected trend for today: Bearish
Forex and Currency News
Forex
Yen moves in negative zone under supervision of Japanese authorities
2024-05-08 04:36AM UTC
Yen declined on Wednesday in Asian trade against a basket of major rivals, extending losses for the ...
Forex
Dollar regains footing ahead of important Fed remarks
2024-05-07 11:34AM UTC
Dollar rose in European trade on Tuesday against a basket of major rivals, holding ground above ...
Forex
Aussie is worst performing major currency after RBA's decision
2024-05-07 08:01AM UTC
The Australian dollar fell in European trade on Tuesday against a basket of major rivals, moving ...
Forex Technical Analysis
Forex
The NZDUSD price forecast update 08-05-2024
2024-05-08 09:36AM UTC
NZDUSD Price Analysis Expected Scenario The NZDUSD price presses on the key support ...
Forex
The AUDUSD price forecast update 08-05-2024
2024-05-08 09:36AM UTC
AUDUSD Price Analysis Expected Scenario The AUDUSD price achieved initial break to ...
Forex
The GBPUSD forecast update 08-05-2024
2024-05-08 09:36AM UTC
GBPUSD Price Analysis Expected Scenario The GBPUSD price achieved initial break to ...