The USDCAD tests the channel’s support – Analysis - 12-08-2019
Economies.com
2019-08-12 05:16AM UTC
The USDCAD pair touched the bullish channel’s support line that appears on the chart and settles around it, noticing that the EMA50 forms negative pressure against the price, while stochastic provides negative overlapping signal now.
Therefore, we believe that the chances are valid to trade negatively in the upcoming sessions, and the targets begin by breaking 1.3195 to confirm extending the bearish wave towards 1.3050, taking into consideration that failing to break the mentioned support will lead the price to rebound bullishly to achieve positive targets that start by testing 1.3286.
The expected trading range for today is between 1.3140 support and 1.3286 resistance.
The expected trend for today: Bearish
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