USDCAD touches the target – Analysis - 15-02-2018

The USDCAD pair succeeded to touch our main waited target at 1.2463 and settles there, noting that the previously recorded descending tops’ formation hint that the price is on its way to achieve more decline and return to resume the main bearish trend.

Therefore, breaking 1.2463 will confirm the continuation of the bearish wave on the short term and medium term basis, and the next negative target reaches 1.2265, taking into consideration that breaching 1.2535 might push the price to test 1.2717 areas again before any new attempt to decline.

Expected trading range for today is between 1.2400 support and 1.2550 resistance.

Expected trend for today: Bearish