USDCAD declines strongly – Analysis - 11-04-2017

The USDCAD pair showed strong negativity yesterday after failing to confirm holding above the sideways range resistance that appears on chart, to test the first key support 1.3310, noting that stochastic negativity might push the price for more decline to test the sideways range support at 1.3265.

Now, we expect the continuation of the sideways trading until the price manages to breach one of this range's lines represented by 1.3265 support and 1.3415 resistance noting that breaking this support will put the price under more negative pressure that its next target reach to 1.2985, while breaching the resistance will lead the price to visit 50% Fibonacci correction level at 1.3574 again.

Expected trading range for today is between 1.3200 support and 1.3420 resistance.

Expected trend for today: Sideways