The USDCAD hits the target – Analysis - 05-06-2019

The USDCAD pair succeeded to achieve our waited negative target at 1.3382 and settles there, as this level forms solid support against the price’s negative attempts, supported by stochastic positivity, while the price moves below the broken intraday bullish support line, besides that the EMA50 forms negative pressure against the price.

Therefore, we prefer staying aside until the price confirms breaking 1.3382 support or breaching 1.3420 resistance to detect the next destination clearly, noting that breaking this support will press on the price to suffer more losses and head towards 1.3300 areas initially, while breaching the resistance will reactivate the bullish trend scenario that its next main target located at 1.3475.

The expected trading range for today is between 1.3320 support and 1.3475 resistance.

The expected trend for today: Neutral