USDCAD attempts positively – Analysis - 28-07-2017
Economies.com
2017-07-28 04:20AM UTC
The USDCAD pair traded with clear positivity yesterday to return to the bearish channel that appears on chart, but we notice that the EMA50 forms good resistance at 1.2565 to stop the bullish rally, accompanied by stochastic entering the overbought areas.
Therefore, we believe that the chances still valid to continue the overall bearish trend, which its targets begin by breaking 1.2459 level to confirm opening the way to target 1.2280 areas on the near term basis, noting that breaching 1.2565 will stop the expected decline and lead the price to achieve more gains that target 1.2820 mainly.
Expected trading range for today is between 1.2450 support and 1.2600 resistance.
Expected trend for today: Bearish
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