USDCAD loses momentum – Analysis - 06-12-2017
Economies.com
2017-12-06 04:58AM UTC
The USDCAD pair attempted to break 1.2665 level without managing to hold with a daily close below it, to test the key resistance 1.2723 now, accompanied by stochastic losing the bullish momentum clearly, while the EMA50 forms continuous negative pressure against the intraday trades.
Therefore, we believe that the chances are valid to rebound bearishly and resume the bearish trend in the upcoming sessions, as our next target is located at 1.2470, noting that holding below 1.2723 represents key condition to continue the expected decline.
Expected trading range for today is between 1.2600 support and 1.2750 resistance.
Expected trend for today: Bearish
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