USDCAD Price Analysis

Expected Scenario

• The USDCAD price traded with clear positivity yesterday, as it breached $1.3690 and closed the daily candlestick above it, to stop the correctional bearish scenario and return to the bullish channel that appears on the chart, on its way to achieve positive targets that start by testing the recently recorded high at $1.3845.
• Therefore, the bullish bias will be suggested for today, supported by moving above the EMA50, noting that breaking $1.3675 will stop the current rise and push the price to decline again.

Expected Trading Range

Between $1.3670 support and $1.3800 resistance.

USDJPY Price Analysis

Expected Scenario

• The USDJPY price provided calm positive trades yesterday and approached our awaited target at 157.95, waiting to gather positive momentum that assists in pushing the price to continue the rise and surpass the mentioned level to open the way to visit 160.20 as the next main target.
• Therefore, we will continue to suggest the bullish trend for the upcoming period, supported by the EMA50, noting that holding above 156.60 represents the first condition for the continuation of the expected rise.

Expected Trading Range

Between 156.60 support and 158.20 resistance.

GBPUSD Price Analysis

Expected Scenario

• The GBPUSD price bounced downwards strongly yesterday, as it attacked $1.2700 level and attempted to confirm breaking it, opening today with additional decline to surpass this level and hint turning to decline in the upcoming sessions, to head towards visiting $1.2630 followed by $1.2580 levels as main negative stations.
• Therefore, we expect to witness more bearish bias today, noting that trading above $1.2700 again will reactivate the positive scenario and lead the price to achieve new gains that reach $1.2893.

Expected Trading Range

Between $1.2600 support and $1.2750 resistance.

EURUSD Price Analysis

Expected Scenario

• The EURUSD price faced clear negative pressure yesterday to break the bullish channel’s support line and settle below it, and by taking a deeper look at the chart, we find that the price completed forming a double top pattern that supports the chances of continuing the decline and achieve bearish correction for the rise that started from $1.0600 areas, paving the way to achieve negative targets that start by breaking $1.0780 to head towards $1.0713 followed by $1.0670 levels.
• Therefore, the bearish bias will be suggested in the upcoming sessions, noting that breaching $1.0840 will stop the negative scenario and lead the price to regain the bullish track again.

Expected Trading Range

Between $1.0710 support and $1.0850 resistance.