USDCAD awaits the break – Analysis - 21-03-2017

The USDCAD pair confined between the critical support at 1.3310 and the previously broken bullish channel’s support level that turns into resistance now at 1.3390, as long as the price below this resistance, so our bearish trend expectations will remain valid and active, waiting for breaking 1.3310 to reinforce the chances for heading to 1.2985 levels mainly.

Therefore, we wait for negative trading in the upcoming sessions, pointing that stochastic and the EMA50 positivity explains the reasons of the difficulty to continue the decline, while breaching 1.3390 will stop the expected decline and pushes the price to target 1.3574 level.

Expected trading range for today is between 1.3250 support and 1.3400 resistance.

Expected trend for today: Bearish