The USDCAD attempts positively – Analysis - 31-07-2020

The USDCAD pair provided clear positive trades yesterday to surpass 1.3362 level and tests the main bearish channel’s resistance that appears on the chart, hinting the price head to turn to rise, but we notice that the price faces difficulty to surpass the mentioned resistance, located now at 1.3410, besides that stochastic provides negative signals.

Therefore, we believe that the chances valid to trade negatively in the upcoming sessions, and the targets begin by breaking 1.3362 to confirm opening the way to head towards 1.3270, noting that breaching 1.3410 will lead the price to achieve more gains and target 1.3500 followed by 1.3612 levels as next positive stations.

The expected trading range for today is between 1.3320 support and 1.3500 resistance.

The expected trend for today: Bearish