USDCAD loses momentum – Analysis - 20-10-2017

The USDCAD pair shows some slight bullish bias now after testing the key support 1.2470, noticing that stochastic loses its positive momentum clearly to reach the overbought areas, which forms negative motive that we are waiting to assist to push the price to resume the bearish bias again.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, and breaking 1.2432 will ease the mission of heading towards our main targets that begin at 1.2300 and extend to go further towards 1.2061, noting that holding below 1.2565 represents the most important condition to achieve the suggested targets.

Expected trading range for today is between 1.2400 support and 1.2565 resistance.

Expected trend for today: Bearish