USDCAD faces negative pressure – Analysis - 16-10-2018

The USDCAD pair provided clear negative trades yesterday to press on 1.3000 barrier, but we notice that the EMA50 attempts to protect the price from suffering more losses, besides that stochastic provides oversold signals on the four hours’ time frame.

Therefore, we believe that the chances are valid to resume the bullish trend in the upcoming sessions, and the price needs to surpass 1.3000 to ease the mission of heading towards 1.3128 that represents our next main station, noting that holding above 1.2923 represents the most important condition to continue the suggested bullish wave.

Expected trading range for today is between 1.2923 support and 1.3080 resistance.

Expected trend for today: Bullish