USDCAD under the negative pressure – Analysis - 18-10-2017

The USDCAD pair opens today's trading with bearish bias to break the correctional bullish channel's support and attempts to hold above it, which hints the price attempt to return to the main bearish track again, while the EMA50 attempts to form intraday support to stop the current bearish bias.

Now, we prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaching one of the next trend keys represented by 1.2470 support and 1.2535 resistance, noting that breaking the mentioned support will confirm resuming the main bearish trend that its next targets located at 1.2300 followed by 1.2061, while breaching the resistance will push the price back to continue the correctional bullish trend that its next target located at 1.2723.

Expected trading range for today is between 1.2400 support and 1.2600 resistance.

Expected trend for today: Depends on the above mentioned levels