USDCAD approaches from the first target – Analysis - 17-02-2017

The USDCAD pair traded with clear negativity yesterday to approach from our initial main waited target at 1.2985, to return to test the EMA50 now, noticing that stochastic lost its positive momentum to reach the thresholds of the overbought levels, which forms negative motive that we wait to push the price to decline again, to keep the price organized within the bearish channel that appears in the image.

Therefore, our bearish trend expectations will remain valid and active in the upcoming period, reminding you that breaking 1.2985 level will push the trading towards 1.2700 on the near term basis, while holding below 1.3100 represents the initial condition for the continuation of the suggested decline.

Expected trading range for today is between 1.2950 support and 1.3110 resistance.

Expected trend for today: Bearish