USDCAD tests the resistance again – Analysis - 20-02-2017
Economies.com
2017-02-20 05:29AM UTC
The USDCAD pair tests the bearish channel’s resistance that appears in the above chart that located at 1.3100, which represents an important factor for the continuation of the bearish trend scenario on the intraday and short term basis, waiting for bouncing lower to resume the bearish bias that its first target located at 1.2985.
Stochastic shows clear negative signals that supports the chances to decline in the upcoming sessions, therefore, we will keep preferring the bearish trend for today unless breaching 1.3100 level and holding above it.
Expected trading range for today is between 1.2950 support and 1.3140 resistance.
Expected trend for today: Bearish
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