The USDCAD attempts to recover – Analysis - 04-03-2021
Economies.com
2021-03-04 05:13AM UTC
The USDCAD pair provided positive trades yesterday to surpass the EMA50, which hints the price head to attempt to recover and achieve more gains, but we notice that stochastic loses its positive momentum to form negative factor against the price.
Therefore, the contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaching 1.2715 will push the price to continue the rise and achieve new gains that reach 1.2850, while breaking 1.2635 will put the price under the negative pressure again to head towards 1.2525 areas on the near-term basis.
The expected trading range for today is between 1.2600 support and 1.2760 resistance.
The expected trend for today: Neutral
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