USDCAD negotiates the key resistance – Analysis - 04-08-2017

The USDCAD pair attempted to breach the key resistance 1.2575 yesterday without managing to confirm the breach, as it fluctuates around this level now, to remain stuck between the next trend confirmation levels represented by the mentioned resistance and 1.2535 support, waiting to breach one of these levels to detect the next targets clearly.

Therefore, we will continue with our neutrality until we get clearer confirmation signal for the next trend, reminding you that breaching the mentioned resistance will push the price to test the bullish channel's resistance around 1.2710 mainly, while breaking the support will push the price to resume the main bearish trend that its next main target located at 1.2280.

Expected trading range for today is between 1.2460 support and 1.2700 resistance.

Expected trend for today: Depends on the above mentioned levels