USDCAD crawls downwards – Analysis - 21-06-2016

The USDCAD pair shows negative trading since yesterday to settle now below 1.2800, where the price under the negative pressure that comes from the EMA50, pointing that stochastic current positivity might decelerate the bearish wave and cause some temporary sideways fluctuation before resuming the bearish bias.

In general, the main trend will remain valid and active unless breaching 1.2985 level and holding above it, where this breach represents the key of activating the bullish correctional scenario that its first target at 1.3310, reminding you that the next target of the current bearish wave located at 1.2459.

Expected trading range for today is between 1.2660 support and 1.2900 resistance.

Expected trend for today: Bearish