COP/CAD Currency Pair Forecast
Red day on Friday for COP/CAD currency pair after losing 0.182%
(Updated on Jun 28, 2024)
The COP/CAD currency pair price fell by -0.182% on the last day (Friday, 28th Jun 2024) from $0.0003 to $0.0003. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 1.01% from a day low at $0.0003 to a day high of $0.0003. The price has fallen in 7 of the last 10 days and is down by -0.57% for this period. Volume has increased on the last day by 824 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $360.07 .
The currency pair lies in the lower of a falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0003 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the currency pair is expected to fall -5.44% during the next 3 months and, with a 90% probability hold a price between $0.0003 and $0.0003 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
COPCAD Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 0.304%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The COP/CAD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0003 and $0.0003. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). COP/CAD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for COP/CAD currency pair
COP/CAD finds support from accumulated volume at $0.0003 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved $0.0000033 between high and low, or 1.01%. For the last week, the currency pair has had daily average volatility of 0.340%.
COP/CAD is oversold on RSI14 (18). Some currency pairs may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (COPCAD) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect COP/CAD to open at $0.0003, and during the day (based on 14 day Average True Range), to move between $0.0003 and $0.0003, which gives a possible trading interval of +/-$0.00000347 (+/-1.05%) up or down from last closing price. If COP/CAD takes out the full calculated possible swing range there will be an estimated 2.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0003 (0.06%) than the resistance at $0.0003 (0.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is COP/CAD currency pair A Buy?
COP/CAD holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.
Current score: -2.856 Sell Candidate Unchanged
Predicted Opening Price for COP/CAD of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$0.0003 ( 0.0910%) | $0.0003 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COPCAD
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0003 | 0.91% |
R2 | 0.0003 | 0.528% |
R1 | 0.0003 | 0.292% |
Price | 0.0003 | |
S1 | 0.0003 | -0.474% |
S2 | 0.0003 | -0.710% |
S3 | 0.0003 | -1.09% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0003 | 0.607% |
R2 | 0.0003 | 0.577% |
R1 | 0.0003 | 0.364% |
Price | 0.0003 | |
S1 | 0.0003 | -0.0607% |
S2 | 0.0003 | -0.303% |
S3 | 0 | - |
FAQ
Click here for our free guide on how to buy COP/CAD Currency pair.