USDCAD resumes the decline – Analysis - 02-02-2017
Economies.com
2017-02-02 05:14AM UTC
The USDCAD pair returns to decline after testing the EMA50 yesterday, to approach from the key support 1.2985 now, waiting to break this level to confirm the extension of the bearish wave towards 1.2700 as a next main target, noting that stochastic provides negative signals that support the chances of breaking the mentioned support.
Therefore, we will continue to suggest the bearish trend in the upcoming period supported by the negative pressure provided by the EMA50, noting that holding below 1.3120 represents the first condition to continue the suggested negative scenario.
Expected trading range for today is between 1.2900 support and 1.3100 resistance.
Expected trend for today: Bearish
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