The USDCAD faces negative pressure – Analysis - 29-01-2020

Economies.com
2020-01-29 05:51AM UTC

The USDCAD pair traded with clear negativity yesterday to break 1.3180 level and settles below it, but we notice that the EMA50 continues to provide the positive support to the price, while stochastic shows clear oversold signals now and approaches overlapping positively.

 

Therefore, we suggest resuming the positive trades in the upcoming sessions, and the price needs to breach 1.3180 to confirm heading towards 1.3233 as a next station, noting that failing to achieve the required breach might put the price under more negative pressure to head towards testing 1.3092 areas before any new attempt to rise.

 

The expected trading range for today is between 1.3100 support and 1.3230 resistance.

The expected trend for today: Bullish

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