USDCAD surpasses the target – Analysis - 05-01-2017

The USDCAD pair succeeded to reach our main waited target at 1.3310 and showed clear break to this level to settle with a daily close below it, which opens the way to extend the negative trading to target the bullish channel's support at 1.3160, noting that surpassing this level will push trading towards the most important support to the short term trading at 1.2985.

Therefore, the bearish trend will be suggested in the upcoming period supported by the EMA50, noting that breaching 1.3310 level will stop the expected decline and lead the price for recovery attempts on the intraday and short term basis.

Expected trading range for today is between 1.3160 support and 1.3385 resistance.

Expected trend for today: Bearish