USDCAD Oct-15 - D1

Thursday, October 15, 2020 10:04 AM

For USDCAD currency pair in 1 day time we can have 2 modes. The first case states that the price is moving in a downward channel and the price has hit the ceiling and floor of the channel several times, which indicates the acceptable strength of the channel. We are also facing a level that used to be a level of support that has now become a level of resistance. Therefore, it can be expected that the price can rise to the price of 1.3296, where the channel roof meets the resistance range, and then fall to 1.2615. But for the second case, we can use the ABCD pattern in this currency pair. Hence we expect the length of side AB to be equal to the length of BC. Based on this pattern, we expect the price to rise to 1.3525.