USD / CAD Technical Analysis Oct 28

Can the buyers profit on the USDCAD at 1.3454?

The U.S. dollar and the Canadian dollar are lately oscillating within an upside formation between the range of 1.3307 and 1.3395 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 1.3454 level.

Probable Scenario

In the scenario where the USDCAD resumes above the 1.3454 area, the price could escalate as high as 1.3539.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 25 zone.

usdcad-oct-28-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.3361 area, the pair could decline as low as 1.3307.

Today’s Major Announcements

  • The Gross Domestic Product Annualized (Q3) release is expected to have a strong impact on the U.S. dollar
  • There are no any major releases that could have an impact on the Canadian dollar

Synopsis

·         Probable trend (Bullish): 1.3454

·         Bullish take profit target: 1.3539

·         Stop loss target: 1.3361

·         Alternative trend (Bearish): 1.3361

·         Bearish take profit target: 1.3307