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Jan 22, 2018 10:55 AM

By: AnalysisWatch

Long Term Trend: Bearish

Short Term Trend: Consolidation

The US dollar has been unpredictable amid the week, however as we finished off the Friday session, it looks as though the market doesn't know where to go next, in connection to the Canadian dollar. We feel that the market keeps on being troublesome for longer-term merchants, as there are such a significant number of moving pieces.

USDCAD Technical Analysis and Price Forecast

The USDCAD has been testing the 1.25 level above, and the 1.24 level on the base. The subsequent unbiased looking candle proposes that we are searching for some sort of lucidity in the market, and on account of this we feel that the patient long-term merchant will wind up doing great, however those of you hoping to bounce into the shred immediately, you ought to take a gander at here and now outlines for all the more a forward and backward kind of circumstance. A break over the shooting star from two or three weeks back could send this market higher, maybe the 1.29 level going about as an objective.

 

The Bottom Line

We have a considerable measure of worries in Canada as there is the likelihood of the NAFTA understanding separating, and that obviously could do some harm to the Canadian economy, and subsequently could send this market higher.

AnalysisWatch Key Support level: 

S1: 1.2458

S2: 1.2449

S3: 1.2433

AnalysisWatch Key Resistance level: 

R1: 1.2483

R2: 1.2499

R3: 1.2508