Home Technical Analysis USDCAD: More bearishness in store
USDCAD: More bearishness in store

USDCAD: More bearishness in store

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The daily studies of USDCAD pair show that, the pair has been topped out in the 1.2835 zones, where it started to plummet, breaching through the key support level-turned into resistance- at 1.2350.

Actually, prices have entered a free-fall zone following this sustained breakout, while bears aim to challenge areas below 1.20 psychological.

usdcad-28-04-2015

Subtracting the distance between the short-term highs and the breakout zone from 1.2350 points at 1.1915 to be the technical objective of the current bearishness.

Coming beneath the lower line of Keltner channel, is another negative catalyst that should assist bears to resume their southern trip.

Potential fluctuation could be seen to relieve RSI14, but we don’t think it can change the direction.

Support 1.2000 1.1960 1.1915
Resistance 1.2125 1.2195 1.2350

 

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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