USDCAD retests the most important resistance – Analysis - 17-06-2016

The USDCAD pair provided clear positive trading yesterday and attempted to breach the critical resistance level at 1.2985 without confirming breaching it, where this level represents the meet point of the main bearish trend line that appears in the image with 23.6% Fibonacci level for the full decline that measured from 1.4688 to 1.2459, which shows the importance and the strength of this level.

Therefore, the bearish trend scenario remains valid and active until now, supported by stochastic negativity that appears on the four hours time frame, waiting for targeting 1.2459 level mainly, pointing that holding below 1.2985 represents the most important condition for the continuation of the expected decline.

Expected trading range for today is between 1.2800 support and 1.3050 resistance.

Expected trend for today: Bearish