USDCAD faces solid resistance – Analysis - 29-12-2016

Economies.com
2016-12-29 04:54AM UTC

The USDCAD pair shows negative trading after it found solid resistance formed by 1.3574 barrier against the recent rally, which urges caution from the upcoming trading, as failing to breach this level will push the price to attempt to return to the bearish track again.

 

The EMA50 keeps supporting the price from below, while stochastic reaches the oversold areas now, therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming period, reminding you that breaching 1.3574 will complete forming cup and handle pattern that has the ability to push the price towards 1.3837 initially, noting that breaking 1.3460 level will push the price to visit 1.3310 level before any new attempt to rise.

 

Expected trading range for today is between 1.3460 support and 1.3630 resistance.

 

Expected trend for today: Bullish

Forex and Currency News

EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...
USD/JPY news

Forex

Japan sends the stronger warning after yen crashes to 34-year nadir
2024-03-27 08:50AM UTC
Yen tumbled in European trade on Wednesday against a basket of major rivals, sharpening losses for ...

Forex Technical Analysis

EUR GBP Analysis

Forex

The EURGBP settles below the resistance – Forecast today – 28-3-2024
2024-03-28 05:37AM UTC
EURGBP Pair Analysis and Forecast Expected Scenarios New negative close below the bearish ...
EUR JPY Analysis

Forex

The EURJPY leans above the major support – Forecast today – 28-3-2024
2024-03-28 05:35AM UTC
EURJPY Pair Analysis and Forecast Expected Scenarios Stability above the bullish ...
GBP JPY Analysis

Forex

The GBPJPY repeats the negative closings – Forecast today – 28-3-2024
2024-03-28 05:35AM UTC
GBPJPY Pair Analysis and Forecast Expected Scenarios Weak trades yesterday with fluctuation ...