USDCAD recovers – Analysis - 14-04-2017

The USDCAD pair rallied upwards strongly yesterday to breach 1.3265 followed by 1.3310 levels and hold above them, which stops the negative effect of the double top pattern mentioned in our last report and put the price between the key levels represented by 1.3265 support and 1.3410 resistance, which makes us prefer staying aside temporarily until the price manages to breach one of these levels followed by detecting its next destination clearly.

Note that breaking the mentioned support will reactivate the bearish pattern that its full target located at 1.2985, while breaching 1.3410 will lead the price to achieve more gains and test 1.3574 level mainly.

Expected trading range for today is between 1.3220 support and 1.3410 resistance.

Expected trend for today: Neutral