USDCAD records the extended target – Analysis - 22-02-2018

The USDCAD pair continued to rise to reach our main waited target at 1.2717, getting continuous positive support by the EMA50 that supports the chances of breaching the mentioned level followed by extending the bullish on the short term basis, but on the other hand, stochastic shows overbought signals that might push the price to decline again.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that breaching 1.2717 will push the price to head towards the next correctional level at 1.2923, while breaking 1.2630 will put the price under the negative pressure again, to start the negative targets at 1.2463.

Expected trading range for today is between 1.2600 support and 1.2780 resistance.

Expected trend for today: Depends on the above mentioned levels