USDCAD attempts to recover – Analysis - 22-02-2019

The USDCAD pair traded with clear positivity yesterday to breach 1.3205 and 1.3225 levels and settles above them, which cancels the triple top pattern mentioned in our recent reports, leading the price to start recovery attempts on the intraday basis, but we notice that stochastic shows clear overbought signals, which might block the price attempts to achieve more gains.

Therefore, we prefer staying aside until we get clearer signal for the next trend, noting that breaching 1.3295 will confirm extending the bullish wave to target 1.3382 as a next main station, while breaking 1.3205 will reactivate the bearish trend scenario that targets 1.3128 followed by 1.3075 levels mainly.

The expected trading range for today is between 1.3150 support and 1.3330 resistance.

The expected trend for today: Depends on the above mentioned levels