The USDCAD achieves some gains – Analysis - 08-07-2020

The USDCAD pair provided positive trades yesterday to test the key resistance 1.3612 and settles there now, accompanied by stochastic entering the overbought areas, noting that the mentioned level meets the main bearish channel’s resistance now, which adds more strength to these areas.

Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which targets 1.3500 followed by 1.3362 levels mainly, noting that breaching 1.3612 and holding above it will stop the negative scenario and leads the price to achieve more gains on the intraday and short term basis.

The expected trading range for today is between 1.3500 support and 1.3650 resistance.

The expected trend for today: Bearish