USDCAD breaches the resistance – Analysis - 09-08-2017

Economies.com
2017-08-09 03:44AM UTC

The USDCAD pair ended yesterday's trading above the bearish channel's resistance that appears on chart, which leads the price to start bullish correction on the intraday basis, and the price needs to breach 1.2739 to confirm extending the bullish wave towards 1.2940 areas as a next main station.

 

Therefore, the bullish trend will be suggested in the upcoming sessions supported by the EMA50 and stochastic positivity, noting that breaking 1.2605 will stop the expected rise and push the price to return to the bearish trend again.

 

Expected trading range for today is between 1.2605 support and 1.2800 resistance.

 

Expected trend for today: Bullish

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