The USDCAD under the negative pressure – Analysis - 17-08-2022
The USDCAD pair faced strong negative pressure to break 1.2870 and settles below it, which pushes the price to attempt to return to the correctional bearish track again, but we notice that the technical indicators provide positive signals that might assist to push the price to rise again.
Therefore, the contradiction between the technical indicators makes us prefer to stay aside until the price confirms breaching 1.2870 resistance or breaking 1.2780 support, noting that breaching this resistance will reactivate the positive scenario that its next target located at 1.2955, while breaking the support represents negative factor that will press on the price to decline towards 1.2685 areas as a next negative station.
The expected trading range for today is between 1.2780 support and 1.2935 resistance.
The expected trend for today: Neutral
Forex and Currency News
Forex
Euro extends gains to two-month highs amid positive outlook
Euro rose in European trade on Thursday against a basket of major rivals, extending gains for the ...
Forex
Yen gains ground as US treasury yields dip
Yen rose in Asian trade on Thursday against a basket of major rivals, extending gains for the ...
Forex
US Dollar extends losses after inflation data
The US dollar fell against most major rivals on Wednesday, extending losses after the release of US ...
Forex Technical Analysis
Forex
The EURUSD price forecast update - 16-05-2024
EURUSD Price Analysis Expected Scenario The EURUSD price faces negative pressure now to ...
Forex
The NZDCAD regains the bullish track – Forecast today – 16-5-2024
NZDCAD Price Analysis Expected Scenario The NZDCAD price succeeded in regaining the ...
Forex
The EURJPY under the correctional effect – Forecast today – 16-5-2024
EURJPY Pair Analysis Expected Scenario The EURJPY pair provided a new negative close ...