The USDCAD approaches the first target – Analysis - 18-04-2019

The USDCAD pair traded with clear negativity yesterday to approach the bullish trend line that appears on the chart, but it returns to rise again on its way towards new potential test to the key resistance 1.3382, noticing that stochastic loses its positive momentum clearly to reach the overbought areas, which forms negative motive that we are waiting to press on the price to decline again.

Until now, the bearish trend scenario still active on the intraday basis unless breaching 1.3382 level and holding above it, noting that our main targets begin at 1.3245 and extend to 1.3128.

The expected trading range for today is between 1.3260 support and 1.3400 resistance.

The expected trend for today: Bearish