USDCAD achieves some gains – Analysis - 07-02-2017

The USDCAD pair provides clear positive trading yesterday to test the EMA50, where it made a breaching attempt yesterday, but it returned to fluctuate near it, noticing that stochastic shows clear negative signals on the four hours time frame, forming negative factor that we wait to push the price to the downside again.

Therefore, we will keep preferring the overall bearish trend in the upcoming sessions, and the targets begin by breaking 1.2985 level to open the way towards 1.2700 as a next main station, taking into consideration that breaching 1.3125 level will stop the suggested negative scenario and leads the price to head towards levels that reach 1.3310 mainly.

Expected trading range for today is between 1.2985 support and 1.3150 resistance.

Expected trend for today: Bearish