Can the buyers profit on the USDCAD at 1.3309?
The U.S. dollar and the Canadian dollar are lately oscillating within a downside formation between the range of 1.3436 and 1.3231 respectively.
The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 1.3309 level.
Probable Scenario
In the scenario where the USDCAD breaks above the 1.3309 area, the price could escalate as high as 1.3436.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 80 zone.
Alternative Scenario
Alternatively, should the sellers take the lead and force the price below the 1.3231 area, the pair could decline as low as 1.3103.
Today’s Major Announcements
- The Trade Balance (Oct) and the Factory Orders (MoM) (Oct) releases are expected to have a medium influence on the U.S. dollar
- There are no any major releases that could have an impact on the Canadian dollar
Synopsis
· Probable trend (Bullish): 1.3309
· Bullish take profit target: 1.3436
· Stop loss target: 1.3231
· Alternative trend (Bearish): 1.3231
· Bearish take profit target: 1.3103
Elias Kazamias
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