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The USDCAD under the negative pressure – Analysis - 17-08-2022
The USDCAD pair faced strong negative pressure to break 1.2870 and settles below it, which pushes the price to attempt to return to the correctional bearish track again, but we notice that the technical indicators provide positive signals that might assist to push the price to rise again.
Therefore, the contradiction between the technical indicators makes us prefer to stay aside until the price confirms breaching 1.2870 resistance or breaking 1.2780 support, noting that breaching this resistance will reactivate the positive scenario that its next target located at 1.2955, while breaking the support represents negative factor that will press on the price to decline towards 1.2685 areas as a next negative station.
The expected trading range for today is between 1.2780 support and 1.2935 resistance.
The expected trend for today: Neutral
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