USD CAD attacks the channel’s support 09/08/2013

The pair declined sharply yesterday to attack the bullish channel’s support, affected by 1.0440 and Stochastic negativity, while the trading settles now below the EMA50, which makes more of the negative pressure is preferred on the intraday basis, and the main target is 1.0160

You should be aware that the main condition to achieve the suggested decline is holding below 1.0345, while breaching it will lead to new test to 1.0440

Expected trading range for today is between: 1.0160 support and 1.0440 resistance.

Expected trend for today: Bearish