The USDCAD achieves clear gains – Analysis - 09-12-2019

The USDCAD pair rallied higher to the upside strongly in last Friday after testing 1.3155 level, to settle near the EMA50, where it breached 1.3240 level, but it remains below the most important resistance at 1.3295, which keeps the overall bearish trend scenario valid until now, noticing that stochastic shows a clear overbought signals now, to support the chances for bouncing lower again.

Therefore, we believe that the chances are available for trading negatively in the upcoming sessions, pointing that our targets begin by breaking 1.3155 level, to confirm opening the way towards 1.3015, while holding below 1.3295 represents an important condition for the continuation of the expected decline.

The expected trading range for today is between 1.3180 support and 1.3300 resistance.

The expected trend for today: Overall Bearish