Tuesday, April 14, 2015

USDCAD: Bearish bounce from the 1.2600

The USDCAD is showing us another bounce from the 1.2600 to the downside and a possible visit to the 1.2400 level. If we take a closer look at the daily chart of the USDCAD, we can notice that the pair has been trading within a range with the 1.2400 as support and the 1.2800 as resistance. We can also notice that when the price breaks above the 1.2600 level, it tends to go visit the 1.2800, but when it bounces from that level to the downside, it tends to go visit the 1.2400 level. That is why there is a good probability that the price may visit the 1.2400 level again, due to the fact that it is currently bouncing to the downside from the 1.2600 level.

at

8 comments:

Subscribe to: Post Comments (Atom)

WTI oil at the 200 day EMA

WTI oil breaks below the 66.27 support zone and accelerates its bearish momentum towards the 200 day EMA around the 64.30 level. We have b...

  • The USD/CAD in consolidation mode
    The USD/CAD gets tangled between the 21 day EMA and the 55 day EMA, also between the 1.2800 and the 1.3000. From this point the pair may go...
  • Gold continues consolidating
    The price of gold is still consolidating as shown on the daily chart between the 1281 as support and the 1304 as resistance. At the 1304 lev...
  • Pullback to a key level on the EUR/USD
    The EUR/USD has been very volatile lately, but it has not taken a clear a direction. The pair has been consolidating between the 1.2300 leve...