USDCAD at the neckline – Analysis - 16-06-2016
Economies.com
2016-06-16 00:51AM UTC
The USDCAD pair ended yesterday’s trading at the previously broken neckline of the double top pattern at 1.2910, accompanied by stochastic move at the overbought areas, waiting to rebound bearishly to resume the bearish trend that depends on the stability below 1.2910 and 1.2985 levels, supported by the negative effect of the mentioned pattern.
Our next target is located at the previously recorded low at 1.2459, taking into consideration that breaching the above mentioned levels will open the way to return to the correctional bullish track that its next target located at 1.3310.
Expected trading range for today is between 1.2800 support and 1.2985 resistance.
Expected trend for today: Bearish
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