USDCAD around the broken support – Analysis - 17-03-2017

The USDCAD pair settles near 1.3310 level since yesterday, and the price found strong support base, and the price found strong support base that formed by the EMA50 against the last decline, which might push it to retest the previously broken bullish channel’s support that turns into resistance now at 1.3370 before it returns to decline again.

In general, the bearish trend will remain expected on the intraday and short term basis unless breaching 1.3370 level and holding with a daily close above it, pointing that breaking 1.3265 level will ease the price mission to head to our next main target at 1.2985.

Therefore, the bullish trend will remain suggested for today, noting that breaking 1.3420 level might push the price to test 1.3350 – 1.3310 levels before any new attempt to rise.

Expected trading range for today is between 1.3200 support and 1.3370 resistance.

Expected trend for today: Bearish