The USDCAD within continuation pattern – Analysis - 04-12-2019
The USDCAD pair faced a negative pressure yesterday to test the EMA50, and by looking deeper in the chart, we find that the last trading confines within a symmetrical triangle pattern that we believe it will assist to push the price to continue the main bullish trend, and the price needs to breach 1.3305 to get a positive motive that supports that rally to 1.3380 levels in the upcoming period.
Therefore, we will keep preferring the bullish trend on the intraday and short term basis, conditioned by holding above 1.3240, pointing that the EMA50 and stochastic are providing positive signals that supports the expected rise.
The expected trading range for today is between 1.3240 support and 1.3370 resistance.
The expected trend for today: Bullish
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