USD CAD returns to visit the support areas – Analysis - 21/11/2014

The USDCAD pair’s trading bounced bearishly after testing the minor bearish channel’s resistance, to move near the main bullish’ channel’s support which located at 1.1276, accompanied positive signals that appear on stochastic, which supports the chances of bouncing bullishly again and attempt to regain the bullish trend.

Therefore, the bullish trend will be suggested for today, and breaching 1.1340 level will offer a strong positive motive that supports heading towards 1.1600 that represents the next main target, taking into consideration that breaking 1.1276 will stop the positive scenario and push the price to target 1.1125 areas and might extend to 1.1000.

Expected trading range for today is between: 1.1200 support and 1.1465 resistance.

Expected trend for today: Bullish