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The USDCAD recovers – Analysis - 03-05-2023
The USDCAD pair bounced upwards strongly yesterday to surpass 1.3585 level and settles above it, to hint the attempt to recover on the intraday basis, but we notice that stochastic shows clear negative signals on the four hours’ time frame, which pushes the price to provide expected negative trades in the upcoming sessions, on its way to test 1.3545 followed by 1.3500 levels as next negative stations.
Therefore, we expect to witness bearish bias today, taking into consideration that breaching 1.3580 will stop the negative scenario and lead the price to turn to rise on the intraday and short term basis.
The expected trading range for today is between 1.3545 support and 1.3670 resistance.
The expected trend for today: Overall bearish
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The USDJPY activates the negative scenario – Analysis - 03-05-2023
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