USDCAD touches the target – Analysis - 01-02-2017

The USDCAD pair succeeded to touch our main waited target at 1.2985, noticing that the price found solid support there that pushed it upwards clearly, to approach from testing the EMA50 again, which forms negative pressure against the price positive attempts.

In general, we expect the continuation of the overall bearish trend domination for today unless breaching 1.3167 level and holding above it, noting that breaking 1.2985 will open the way to head towards 1.2700 as a next main station, while breaching 1.3167 will push the price to test 1.3245 areas and might extend to 1.3310 before any new attempt to decline.

Expected trading range for today is between 1.2970 support and 1.3150 resistance.

Expected trend for today: Bearish