The USDCAD breaks the support – Analysis - 01-04-2019

The USDCAD pair traded with strong negativity on last Friday to break 1.3382 level and settles below it, which puts the price under potential negative pressure in the upcoming sessions, but we notice that the price stops at the intraday bullish channel’s support line that appears on the chart, accompanied by stochastic entering the oversold areas, which forms positive factors that might protect the price from suffering more losses.

Therefore, we prefer staying aside temporarily until the price confirms its next destination through breaching one of the key levels represented by 1.3345 support and 1.3382 resistance noting that breaking the mentioned support will extend the bearish wave to reach 1.3210 as a next station, while breaching the resistance will reactivate the bullish trend scenario that its next target located at 1.3500.

The expected trading range for today is between 1.3250 support and 1.3430 resistance.

The expected trend for today: Depends on the above mentioned levels