USDCAD retests – Analysis - 31-07-2017
Economies.com
2017-07-31 04:06AM UTC
The USDCAD pair retests the previously broken support of the bearish channel that appears on chart, as the price is affected by stochastic positivity, while the EMA50 forms continuous negative pressure against the price, which encourages us to continue suggesting the bearish trend on the short term basis, which its next target located at 1.2280.
We should note that breaching 1.2575 will complete forming bullish pattern that has the ability to push the price to achieve intraday gains and target 1.2735 – 1.2780 areas before any new attempt to resume the main bearish trend.
Expected trading range for today is between 1.2350 support and 1.2550 resistance.
Expected trend for today: Bearish
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