USDCAD affected by the positive momentum – Analysis - 24-03-2017

The USDCAD pair shows some bullish bias after testing 1.3310 level yesterday, to approach from making a new retest to the previously broken bullish channel’s support that turns into an important resistance now at 1.3400, where the price affected by stochastic positivity, which loses its positivity gradually approaching from the overbought levels, to support the chances for bouncing lower and resuming the bearish bias in the upcoming sessions.

Therefore, we believe that the chances available to trade negatively on the intraday and short term basis, pointing that breaking 1.3310 level will confirm opening the way towards extending the bearish wave to 1.2985 levels.

Expected trading range for today is between 1.3240 support and 1.3430 resistance.

Expected trend for today: Bearish