USDCAD continues to rise – Analysis - 08-02-2017

The USDCAD pair achieved more of the upside moves yesterday surpassing the EMA50, to settle near the minor bearish channel’s resistance, and its lines appear in the above chart, accompanied by stochastic move at the overbought levels, which forms negative motive that we expect to push the price to resume the bearish trend, waiting for testing 1.2985 level initially.

Therefore, we keep preferring the overall bearish trend on the intraday and short term basis, reminding you that breaking the targeted level will extend the bearish wave to reach 1.2700, while breaching 1.3220 will push the price to test 1.3310 before any new attempt to decline.

Expected trading range for today is between 1.3040 support and 1.3220 resistance.

Expected trend for today: Overall Bearish