USDCAD affected by the positive momentum – Analysis - 24-03-2017

Economies.com
2017-03-24 05:11AM UTC

The USDCAD pair shows some bullish bias after testing 1.3310 level yesterday, to approach from making a new retest to the previously broken bullish channel’s support that turns into an important resistance now at 1.3400, where the price affected by stochastic positivity, which loses its positivity gradually approaching from the overbought levels, to support the chances for bouncing lower and resuming the bearish bias in the upcoming sessions.

 

Therefore, we believe that the chances available to trade negatively on the intraday and short term basis, pointing that breaking 1.3310 level will confirm opening the way towards extending the bearish wave to 1.2985 levels.

 

Expected trading range for today is between 1.3240 support and 1.3430 resistance.

 

Expected trend for today: Bearish

 

Forex and Currency News

Forex News

Forex

Dollar plumbs three-week low ahead of US payrolls report
2024-05-03 11:57AM UTC
Dollar fell in European trade on Friday against a basket of major rivals, extending losses for the ...
USD/JPY news

Forex

Yen hits three-week high as Japanese authorities intervene
2024-05-03 04:57AM UTC
Yen rose in Asian trade on Friday against major rivals, extending gains for the third straight ...
Forex News

Forex

Dollar rebounds ahead of US unemployment claims data
2024-05-02 11:10AM UTC
Dollar rose in European trade on Thursday against a basket of major rivals, resuming gains after a ...

Forex Technical Analysis

NZD USD Analysis

Forex

The NZDUSD price forecast update 03-05-2024
2024-05-03 13:54PM UTC
The NZDUSD price breached 0.6000$ level strong and settled above it, reinforcing the expectations ...
AUD USD Analysis

Forex

The AUDUSD price forecast update 03-05-2024
2024-05-03 13:54PM UTC
The AUDUSD price traded with strong positivity to succeed achieving our new waited target at ...
GBP USD Analysis

Forex

The GBPUSD forecast update 03-05-2024
2024-05-03 13:52PM UTC
The GBPUSD price traded with strong positivity to breach 1.2580$ level strongly but it returns to ...