Can the stability at 1.3463 force the USDCAD lower?
The pair has been recently oscillating between the range of 1.3262 and 1.3463 as the buyers took their chances to control the price.
On the other hand, the sellers attempted to place greater pressures since the 4th of November 2016 and managed to force the price from 1.3463 to 1.3262. Today’s major pivot point area is the 1.3463 level.
Probable Scenario
The latest stabilization of the pair slightly close to the 1.3463 area is a good indication that the price may retrace once again to the downside.
In the event where the pair drops, the sellers could lock their profit at 1.3262.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of resuming downwards.
Alternative Scenario
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 1.3587 level, the price could rise to 1.3793.
Today’s Major Announcements
- There are no any major announcements that may have a strong impact on the U.S. dollar or the Canadian dollar
Synopsis
· Probable trend (Bearish): 1.3463
· Bearish take profit target: 1.3262
· Stop loss target: 1.3587
· Alternative trend (Bullish): 1.3587
· Bullish take profit target: 1.3793
Elias Kazamias
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