USDCAD settles below the resistance – Analysis - 16-02-2017
Economies.com
2017-02-16 05:50AM UTC
The USDCAD pair made a new test to the bearish channel’s resistance that appears in the above chart and bounces lower from there, which supports the continuation of the bearish trend scenario in the upcoming period, supported by the negative pressure that forms by the EMA50, waiting for testing 1.2985 level initially.
We remind you that breaking the targeted level will extend the bearish wave to reach 1.2700 as a next main station, while breaching 1.3110 will stop the expected decline temporarily to push the price towards 1.3310 before any new negative attempt.
Expected trading range for today is between 1.2950 support and 1.3110 resistance.
Expected trend for today: Bearish
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