USD / CAD Technical Analysis June 30

Daniel Garin
Jun 30, 2016
1 min read

Will the USDCAD pair resume bearish at 1.2977?

The USDCHF pair has been, since the 28th of June 2016, oscillating within a downside formation between the range of 1.3107 and 1.2935 respectively.

Will the bears take control over the price or do the buyers have something else in mind?

Today’s major pivot point area is the 1.2977 level where the sellers will likely take their chances to shift the price more to their favour.

Probable Scenario

The latest stabilization of the pair close to the 1.2977 level is a good indication that the sellers may exert greater pressures to force the price to the downside.

The Stochastic oscillator has also confirmed that the price could aggressively drop at the 20 zone.

In the scenario where the pair decelerates, the price could fall to 1.2897 and 1.2766.

Alternative Scenario

Alternatively, in the event where the sellers are not able to hold the price close to the 1.3001 level, and the buyers place greater pressures, the pair could rise to 1.3107.

Today’s Major Announcements

The Initial Jobless Claims (Jun 24) and the Chicago Purchasing Managers’ Index (Jun) announcements are expected to have a medium impact on the U.S. dollar
The Gross Domestic Product (MoM) (Apr) announcement is expected to have a medium impact on the Canadian dollar