USDCAD is forced for some decline – Analysis - 13-03-2017

The USDCAD pair couldn’t settle for long time above 1.3500 barrier, showing negative trading and approaches from testing the bullish correctional channel’s support that appears in the image, this support located at 1.3355 now, and the price might be forced to lean on it before it returns to resume the bullish trend.

In general, we keep preferring the bullish trend on the intraday and short term basis unless breaking 1.3355 then 1.3310 levels and holding below them, where breaking the last level will put the price under negative pressure that pushes the trading to test 1.2985 mainly, reminding you that our next positive target located at 1.3574, where breaching it represents the extension key for the pairs’ gains to reach 1.3837.

Expected trading range for today is between 1.3400 support and 1.3574 resistance.

Expected trend for today: Bullish