USDCAD retests – Analysis - 17-01-2017
Economies.com
2017-01-17 04:41AM UTC
The USDCAD pair retested the bullish channel's support line that forms key resistance now at 1.3190 and rebounds bearishly from there, which supports the continuation of our bearish overview efficiently in the upcoming period, especially that stochastic starts to provide negative signals on the four hours' time frame, besides the continuous negative pressure provided by the EMA50.
Therefore, we believe that the way is open to head towards 1.2985 that represents our next main target, noting that breaching 1.3190 level will lead the price to test 1.3310 direct before any new attempt to decline.
Expected trading range for today is between 1.3020 support and 1.3220 resistance.
Expected trend for today: Bearish
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