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USD/CAD alights on strong resistance region - Analysis - 02-08-2023
USD/CAD rose in the intraday levels, testing thereafter the pivotal resistance of 1.3300, while touching the resistance of the 50-day SMA, as the pair also tested the downward secondary trend line in the short term, with negative signals from the RSI after reaching overbought levels.
Therefore we expect the pair to return lower, targeting the first support at 1.3200, provided the resistance of 1.3300 holds on.
Expected trading range for today is between the 1.3200 support and the 1.3300 resistance.
Expected trend for today: Likely Bearish
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