USDCAD At Critical Juncture on Upside

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The sellers of the U.S. dollar were the big profit makers since the 20th of January2016 whereas the buyers lost ground and have therefore made minor profits or considerable loses.

Lately the pair has been mainly oscillating between the range of 1.4684 and 1.4259 respectively.

The price has currently stabilized at the 1.4259 zone, today’s major pivot point area.

Probable Scenario

In the event where the buyers resume controlling the price, and withhold the pair above the 1.4259area, they could boost it to upper zones such as the 1.4684 level, Fibonacci 100.0%, and 1.5227, Fibonacci 161.8%.

usdcad

Alternative Scenario

Alternatively, in the scenario where the sellers exert greater bearish pressures and force the pair below the 1.4144 area, the price could drop to lower levels such as the 1.3811zone.

Today’s Major Announcements

  • The Chicago Fed National Activity Index (Dec), the Markit Manufacturing PMI (Jan), the CB Leading Indicator (MoM) (Dec), and the Baker Hughes US Oil Rig Count releases are expected to have a medium impact on the U.S. dollar
  • The Consumer Price Index (YoY) (Dec), the Consumer Price Index-Core (MoM) (Dec), the Bank of Canada Consumer Price Index Core (MoM) (Dec), the Bank of Canada Consumer Price Index Core (YoY) (Dec), and the Consumer Price Index (MoM) (Dec) announcements are expected to have a medium impact on the Canadian dollar

Synopsis

  • Probable trend (Bullish):1.4259
  • Bullish take profit targets:1.4684, 1.5277
  • Stop loss target: 1.4144
  • Alternative trend (Bearish): 1.4144

Bearish take profit target: 1.3811

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