USDCAD loses momentum – Analysis - 09-04-2018

The USDCAD pair shows sideways trading after approaching the first main waited target at 1.2717, noticing that stochastic begins to lose the positive momentum gradually to approach the overbought areas, to support the chances of resuming the bearish trend in the upcoming sessions, reminding you that the completion of the head and shoulders’ pattern supports the expectations of breaking the mentioned level and extend the bearish wave towards 1.2500 followed by 1.2463 levels that represent our next main targets.

Therefore, we will continue to suggest the bearish trend for today unless breaching 1.2923 level and holding above it.

Expected trading range for today is between 1.2660 support and 1.2840 resistance.

Expected trend for today: Bearish