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USDCAD fails to confirm the positive stability – Analysis - 08-03-2018
The USDCAD pair provided new positive trades yesterday and rallied to test the psychological barrier 1.3000 again, but it bounced downwards strongly to settle below 1.2923 level, which hints that the price finds difficulty to hold above the mentioned level, to draw double top pattern that we believe it will push the price to turn to decline.
Therefore, the bearish trend will be expected in the upcoming sessions, and the next main target is located at 1.2717, noting that breaching 1.2923 followed by 1.3000 levels will push the price to resume the short term bullish trend and head towards 1.3128 as a next positive station.
Expected trading range for today is between 1.2790 support and 1.2940 resistance.
Expected trend for today: Bearish
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