USDCAD keeps declining – Analysis - 15-08-2018

The USDCAD pair provided more negative trades to move away from 1.3128 level, which stops the positive scenario suggested in our last reports, making us neutral now, as the price faces contradicted technical factors, as it moves within short term bearish channel, supported by stochastic negativity, while the price still above the medium term bullish trend line, getting positive support by the EMA50.

Therefore, the price needs to breach one of the key levels represented by 1.3000 support and 1.3180 resistance to detect its next destination clearly, noting that breaking the mentioned support will push the price to visit 1.2923 level as a next negative station, while breaching the resistance will lead the price to recover and achieve gains that reach 1.3382 mainly.

Expected trading range for today is between 1.3000 support and 1.3170 resistance.

Expected trend for today: Depends on the above mentioned levels