USDCAD resumes rising – Analysis - 23-02-2017

The USDCAD pair provided positive trading yesterday to test 1.3200 barrier without breaching it, showing bearish bias now approaching from the EMA50 that forms good intraday support that keeps pushing the price to rise, noticing that stochastic attempts to get rid of its negativity and gaining the positive momentum on the intraday time frames.

Therefore, we believe that the chances are available for providing more of the positive trading in the upcoming sessions, and the main target is represented by testing 1.3310 level, pointing that breaking 1.3050 level will push the price to regain its bearish track that its targets begin at 1.2985 then 1.2700.

Expected trading range for today is between 1.3050 support and 1.3250 resistance.

Expected trend for today: Bullish