USDCAD attempts to breach – Analysis - 03-08-2017

The USDCAD pair fluctuates around 1.2575 level since yesterday, attempting to breach this level now, which hints the price attempt to turn its intraday track upwards, as the mentioned level represents neckline of double bottom pattern that appears on chart, which means that breaching it will push the price to achieve positive gains that reach to 1.2730 before any new attempt to resume the main bearish trend.

Therefore, we prefer staying aside temporarily until the price confirms its next destination clearly, through confirming breaching 1.2575 resistance or breaking 1.2535 support, as breaking this support will push the price to continue the main decline, to start the negative targets by breaking 1.2459 level and ease the mission of heading towards 1.2280 as a next main station.

Expected trading range for today is between 1.2460 support and 1.2700 resistance.

Expected trend for today: Depends on the above mentioned levels