USDCAD resumes the decline – Analysis - 20-06-2016

The USDCAD pair bounced lower clearly after retesting 1.2985 level, to keep its stability within the main bearish trend that appears in the image, waiting for heading to 1.2459 that represents the next main target for the current bearish wave.

The EMA50 forms negative pressure against the price, while it might witness some temporary sideways fluctuation affected by stochastic current positivity before it return to decline again, pointing that holding below 1.2985 represents the most important condition for the continuation of the suggested scenario.

Expected trading range for today is between 1.2725 support and 1.2950 resistance.

Expected trend for today: Bearish