USDCAD negotiates the resistance – Analysis - 08-08-2017
Economies.com
2017-08-08 03:58AM UTC
The USDCAD pair attempted to breach the bearish channel's resistance that appears on chart but it returns to settle below it, which keeps the bearish trend scenario active in the upcoming period, supported by the negative signal provided by stochastic, waiting to visit 1.2459 level initially.
We should note that breaching 1.2670 and holding above it will push the price to turn its intraday track upwards to test 1.2985 areas before any new attempt to decline.
Expected trading range for today is between 1.2550 support and 1.2720 resistance.
Expected trend for today: Bearish
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