The USDCAD pair has been, since the 22nd of November 2016, oscillating within a bullish formation from 1.3398 to 1.3504. Can the sellers lead the pair?
Today’s major pivot point area is the 1.3504 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair close to the 1.3504 level is a good indication that the sellers may exert pressures to force the price to the downside.
The Stochastic oscillator has also confirmed that the price could aggressively drop at the 80 zone.
In the scenario where the pair decelerates, the price could fall to 1.3398.
Alternatively, in the event where the sellers are not able to hold the price close to the 1.3570 area, and the buyers place greater pressures, the pair could rise back to 1.3677.
- There are no any releases that could have an impact either on the U.S. dollar or the Canadian dollar
· Probable trend (Bearish): 1.3504
· Bearish take profit target: 1.3398
· Stop loss target: 1.3570
· Alternative trend (Bullish): 1.3570
· Bullish take profit target: 1.3677