USDCAD achieves slight gains – Analysis - 11-01-2017

The USDCAD pair shows some slight positive trading after touching the bullish channel's support yesterday, to fluctuate around 1.3250 now, noticing that the EMA50 continues to push negatively on the intraday and short term trading, while stochastic heads towards the overbought areas on the four hours' time frame.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, and the price needs to break 1.3190 level to confirm opening the way to head towards 1.2985, taking into consideration that breaching 1.3310 level will stop the suggested decline and lead the price to target 1.3537 levels as a next main station.

Expected trading range for today is between 1.3110 support and 1.3310 resistance.

Expected trend for today: Bearish