USDCAD tests the moving average – Analysis - 30-12-2016

The USDCAD pair continued its negative trading to test the EMA50 that forms solid support base at 1.3475, in attempt to protect the pair from suffering more losses, accompanied by stochastic more at the oversold areas, which keeps the chances valid to resume the bullish bias in the upcoming sessions.

Therefore, we will keep our bullish overview on the intraday and short term basis unless breaking the above mentioned level, noting that breaching 1.3574 level will provide strong positive motive that will push the price to achieve gains that start at 1.3837 and extend to 1.4162 mainly.

Expected trading range for today is between 1.3400 support and 1.3600 resistance.

Expected trend for today: Bullish