USDCAD returns to decline – Analysis - 27-03-2017

The USDCAD pair begins today’s trading with a bearish bias after the calm rise that appeared recently, to approach now from testing the critical support at 13310, as we mentioned in our last reports, the price needs to break this level to conform the continuation of the negative scenario on the short term basis, noticing that stochastic approaches from providing negative overlapping signal that reinforces the chances for achieving the mentioned break.

Therefore, we keep preferring the bearish trend in the upcoming sessions, and the next main target that located at 1.2985, being aware that breaching 1.3400 level will stop the current negative pressure and leads the price to head to 1.3574 mainly.

Expected trading range for today is between 1.3240 support and 1.3400 resistance.

Expected trend for today: Bearish