USDCAD loses momentum – Analysis - 18-08-2017

The USDCAD pair provided some positive trading yesterday but it faced the EMA50 that forms good intraday resistance at 1.2680, accompanied by stochastic enter the oversold areas, which forms negative factor that we are waiting to motivate the price to resume the bearish trend in the upcoming sessions, which targets 1.2525 followed by 1.2413 levels as next main stations.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis unless breaching 1.2739 level and holding above it, as breaching this level will push the price to extend the correctional bullish wave and test 1.2940 level before any new attempt to decline.

Expected trading range for today is between 1.2525 support and 1.2739 resistance.

Expected trend for today: Bearish