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Action Insight: USDCAD Technical Outlook

Action Insight is the most popular section of the site, read by traders around the world. Our team of analysts work around the clock, analyzing the markets from technical and fundamental perspectives in providing the reports in this section to you.



USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 26 15 04:36 GMT
Intraday bias in USD/CAD remains on the upside for the moment. Current development suggests that corrective fall from 1.2834 is possibly completed at 1.191 already. And this is supported by bullish convergence condition in 4 hours MACD and break of the near term falling channel. Further rise should be seen to 1.2387 resistance first. Break should confirm this case and target a test on 1.2834. Nonetheless, below 1.2168 minor support will dampen this bullish view and turn bias back to the downside for 1.1919.
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USD/CAD Weekly Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 23 15 07:53 GMT
USD/CAD edged lower to 1.1919 last week but rebounded strongly since then. The development argues that corrective fall from 1.2834 is possibly completed at 1.191 already. And this is supported by bullish convergence condition in 4 hours MACD and break of the near term falling channel. Initial bias stay son the upside this week for 1.2387 resistance first. Break should confirm this case and target a test on 1.2834. Nonetheless, below 1.2168 minor support will dampen this bullish view and turn bias back to the downside for 1.1919.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 22 15 03:21 GMT
With 1.2129 minor support intact, further rise is still in favor in USD/CAD. The corrective fall from 1.2834 could have completed at 1.1919 on bullish convergence condition 4 hours MACD. Rebound from 1.1919 would target 1.2387 resistance. Break will confirm this bullish case and target a test on 1.2834 high. Nonetheless, below 1.2129 minor support will turn bias back to the downside and would likely extend the correction lower.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 21 15 02:37 GMT
Intraday bias in USD/CAD remains mildly on the upside for the moment. The corrective fall from 1.2834 could have finished at 1.1919 already. Further rise would be seen to 1.2387 resistance. Break will confirm this bullish case and target a test on 1.2834 high. Nonetheless, below 1.2129 minor support will turn bias back to the downside and would likely extend the correction lower.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 20 15 04:02 GMT
The strong rebound in USD/CAD and the break of 1.2204 resistance argues that correction from 1.2834 could have completed at 1.1919 already. Intraday bias is back on the upside for 1.2387 resistance first. Break there will confirm this case and target a retest on 1.2834. Nonetheless, below 1.2129 minor support will turn bias back to the downside and would likely extend the correction lower.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 19 15 06:50 GMT
Intraday bias in USD/CAD remains neutral for the moment. Deeper decline is still expected as long as 1.2204 resistance holds. The fall from 1.2834 would extends to 55 weeks EMA (now at 1.1713). At this point, such decline is viewed as a correction to the larger up trend. Thus, we'd expect strong support around long term fibonacci level at 1.1611 to contain downside. Meanwhile above 1.2204 will turn bias back to the upside.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 18 15 04:19 GMT
Deeper decline is still expected as long as 1.2204 resistance holds. The fall from 1.2834 would extends to 55 weeks EMA (now at 1.1713). At this point, such decline is viewed as a correction to the larger up trend. Thus, we'd expect strong support around long term fibonacci level at 1.1611 to contain downside. Meanwhile above 1.2204 will turn bias back to the upside.
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USD/CAD Weekly Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 16 15 06:26 GMT
USD/CAD breached 1.1944 last week as corrective fall from 1.2834 resumed. But downside momentum was unconvincing and the pair quickly recovered. Nonetheless, deeper fall is expected as long as 1.2204 resistance holds. Current decline would target 55 weeks EMA (now at 1.1704). However, firm break of 1.2204 would argue that fall from 1.2834 has completed and will turn bias back to the upside.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 15 15 02:39 GMT
USD/CAD lost some momentum after breaching 1.1944 and recovered. Nonetheless, current development argues that fall from 1.2834 is resuming. Near term outlook stays bearish as long as 1.2204 resistance holds. Deeper decline would be seen to 55 weeks EMA (now at 1.1704). At this point, such decline is viewed as a correction to the larger up trend. Thus, we'd expect strong support around long term fibonacci level at 1.1611 to contain downside.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | May 14 15 01:50 GMT
USD/CAD's break of 1.1944 support suggests that fall from 1.2834 is resuming. Intraday bias is back on the downside and current fall should target 55 weeks EMA (now at 1.1704). At this point, such decline is viewed as a correction to the larger up trend. Thus, we'd expect strong support around long term fibonacci level at 1.1611 to contain downside. On the upside, break of 1.2204 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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