USDCAD continues to decline – Analysis - 13-02-2017

The USDCAD pair provided clear negative trading in last Friday after testing the bearish channel’s resistance that appears in the image, which supports the continuation of the bearish trend scenario on the intraday and short term basis, and its targets begins by testing 1.2985 level, reminding you that breaking this level will extend the bearish wave to reach 1.2700 as a next main target.

Therefore, the bearish bias will remain the dominant for today unless breaching 1.3155 level and holding above it, where breaching this level will push the price to test 1.3310 levels before any new attempt to decline.

Expected trading range for today is between 1.3000 support and 1.3195 resistance.

Expected trend for today: Overall Bearish