The USDCAD under the negative pressure – Analysis - 09-08-2022

The USDCAD pair traded with strong negativity yesterday to break 1.2870 and settles below it, to hint the return to the correctional bearish track, but we notice that the price stops at key intraday support, accompanied by witnessing clear positive signals through stochastic.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 1.2840 will put the price under additional negative pressure that targets visiting 1.2790 as a next negative station, while breaching 1.2870 represents the key to resume the bullish wave that its next target located at 1.2950.

The expected trading range for today is between 1.2870 support and 1.2930 resistance.

Open Live Trading Account

The expected trend for today: Neutral