Home Technical Analysis USDCAD clearing support of sideways range!

USDCAD clearing support of sideways range!

0
0

The USDCAD has been locked in a sideways range over short-term basis between 1.2560-resistance- and 1.2365-support- as seen on the provided four-hour chart.

Breaching through the lower line of the sideways range is a bearish technical catalyst that signals potential downside movements over upcoming sessions.

usdcad-fxcomment-06-06-2015-top

Assessing indicators, we see some kind of trend weakness on Bollinger bands, Vortex and momentum weakness on RSI14.

Shorts are preferable for USDCAD, but stability below 1.2365 is required; whilst targets reside in the 1.2165 regions as far as 1.2440 protects this scenario.

(0)

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.

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *