Can the buyers profit on the USDCAD at 1.3583?
The U.S. dollar and the Canadian dollar are lately oscillating within an upside formation between the range of 1.3396 and 1.3583 respectively.
The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 1.3583 level.
Probable Scenario
In the scenario where the USDCAD resumes above the 1.3583 area, the price could escalate as high as 1.3699.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 85 zone.
Alternative Scenario
Alternatively, should the sellers take the lead and force the price below the 1.3515 area, the pair could decline as low as 1.3396.
Today’s Major Announcements
- The CB Leading Indicator (MoM) (Oct) announcement will likely have a medium impact on the U.S. dollar
- There are no any major releases that could have an impact on the Canadian dollar
Synopsis
· Probable trend (Bullish): 1.3583
· Bullish take profit target: 1.3699
· Stop loss target: 1.3515
· Alternative trend (Bearish): 1.3515
· Bearish take profit target: 1.3396
Elias Kazamias
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