USDCAD attempts positively – Analysis - 22-06-2017

The USDCAD pair continued its positive trading to breach 1.3310 level and closes the daily candlestick above it, which hints the price attempt to return to rise again, but we notice that stochastic loses its positive momentum clearly, while the EMA50 forms continuous negative pressure against the price.

Therefore, these factors encourage us to expect negative trading in the upcoming sessions, which will be confirmed by breaking 1.3310 level and holding below it again, to head towards 1.2985 mainly, noting that closing another daily candlestick above 1.3310 will stop the negative scenario and lead the price to achieve gains that start at 1.3470.

Expected trading range for today is between 1.3220 support and 1.3400 resistance.

Expected trend for today: Bearish