USDCAD gathers the positive momentum – Analysis - 06-03-2017

The USDCAD pair attempted to breach 1.3400 level but it couldn’t manage to settle above it, showing slight bearish bias settled near the mentioned level, noticing that stochastic got rid of its negativity to move near the oversold levels, which supports the chances for bouncing higher to resume the bullish trend on the short term basis.

Therefore, our positive expectations will remain valid in the upcoming period, supported by the EMA50 that keeps carrying the price from below, reminding you that next target located at 1.3574, while the stability above 1.3310 represents an important condition for the continuation of the suggested rise.

Expected trading range for today is between 1.3310 support and 1.3500 resistance.

Expected trend for today: Bullish