USD / CAD Technical Analysis June 27

Can the bulls lead the USDCAD further at 1.3071?

The bullish pressures got really tensed since the 23rd of June 2016 as the USDCAD pair was able to rise from 1.2713 to 1.3071.

The buyers took the absolute control over the pair and managed to somehow cover up some loses and made some good profit, after the latest downtrend formation that forced the price to drop from as high as 1.3071 to as low as 1.2713.

Probable Scenario

Following today’s stabilization close to the 1.3071 level, the buyers could likely exert a further bullish momentum to lead the pair even higher.

Stochastic oscillators’ stable formation at the 80 level is good indication that the bullish momentum may have greater chances to re-occur.

In the scenario where the price appreciates, the buyers could set their take profit target at 1.3294.

Alternative Scenario

In contrast, a bearish break-out at the 1.2933 zone could signal that the sellers may exert greater pressures to force the pair to lower zones such as the 1.2713 level.

Today’s Major Announcements

• The Bank Stress Test Info is expected to have a strong impact on the U.S. dollar

• There are no any releases on the Canadian dollar

Synopsis

• Probable trend (Bullish): 1.3071

• Bullish take profit target: 1.3294

• Stop loss target: 1.2933

• Alternative trend (Bearish): 1.2933

• Bearish take profit target: 1.2713