The USDCAD tests the channel’s support line – Analysis - 16-05-2022
Economies.com
2022-05-16 04:09AM UTC
The USDCAD pair faced strong negative pressure in the previous sessions to touch the bullish channel’s support line that appears on the chart, noticing that the price rebounds upwards clearly by today’s open, to head towards resuming the main bullish trend within the mentioned channel, motivated by stochastic positivity.
Therefore, we expect to witness more rise in the upcoming sessions, and the targets begin at 1.3050 followed by 1.3150, noting that the continuation of the bullish wave requires holding above 1.2895.
The expected trading range for today is between 1.2910 support and 1.3040 resistance.
The expected trend for today: Bullish
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