The buyers attempted to place greater pressures since the 14th of December 2016 and managed to force the price from 1.3078 to 1.3424. Today’s major pivot point area is the 1.3293 level.
The latest stabilization of the pair slightly close to the 1.3293 area is a good indication that the price may retrace to the downside.
In the event where the pair drops, the sellers could lock their profit at 1.3078.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of resuming downwards.
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 1.3424 level, the price could rise to 1.3636.
- The EIA Crude Oil Stocks Change (Dec 16) release is expected to have a strong influence on the U.S. dollar
- There are no any major announcements that may have an impact on the Canadian dollar
· Probable trend (Bearish): 1.3293
· Bearish take profit target: 1.3078
· Stop loss target: 1.3424
· Alternative trend (Bullish): 1.3424
· Bullish take profit target: 1.3636