USDCAD Price Analysis

Expected Scenario

• The USDCAD price continues to decline to approach 1.3590$ level, and by taking a deeper look at the chart, we find that this level represents the neckline of double top pattern that has negative targets that surpass 1.3515$ to reach 1.3435$ followed by 1.3335$ areas.
• Therefore, we expect to witness more decline on the intraday and short-term basis, and the price needs to break 1.3590$ to get the required negative motive to rally towards the suggested targets, reminding you that the continuation of the bearish trend requires holding below 1.3690$.

Expected Trading Range

Between 1.3540$ support and 1.3670$ resistance.

USDJPY Price Analysis

Expected Scenario

• The USDJPY price opens today’s trading with new bearish bias to approach our first waited target at 160.20, which represents 23.6% Fibonacci correction level for the rise from 154.55 to 161.94, and we suggest breaking this level to open the way to achieve more bearish correction that its next target reaches 159.10.
• Therefore, the bearish trend will remain dominant on the intraday basis, taking into consideration that breaching 161.20 will stop the expected decline and lead the price to attempt to resume the main bullish trend again.

Expected Trading Range

Between 159.70 support and 161.30 resistance.

GBPUSD Price Analysis

Expected Scenario

• The GBPUSD price continues the calm rise to approach our first waited target at 1.2800$, waiting for more rise that targets 1.2890$ areas as a next main station, to continue suggesting the bullish trend for the upcoming period.
• The RSI negativity interprets the reasons of the slow bullish wave, noting that breaking 1.2700$ will stop the expected rise and push the price to return to the correctional bearish track again.

Expected Trading Range

Between 1.2700$ support and 1.2860$ resistance.

EURUSD Price Analysis

Expected Scenario

• The EURUSD price managed to surpass 1.0795$ level and to approach our waited target at 1.0840$, and we suggest the continuation of the bullish bias to breach this level and open the way to achieve additional positive targets that reach 1.0915$.
• Therefore, the bullish trend will remain valid and active for the upcoming period, affected by the completion of the positive formation that appears on the chart, supported by the EMA50, reminding you that the continuation of the bullish wave requires holding above 1.0760$.

Expected Trading Range

Between 1.0760$ support and 1.0910$ resistance.