USDCAD resumes the bullish rally – Analysis - 09-03-2017

The USDCAD pair rallied higher strongly after confirming breaching the bullish pennant flag’s resistance, to settle near 1.3500 barrier, reinforcing the expectations for the bullish trend continuation on the intraday and short basis, which its main target located at 1.3574.

Therefore, we wait for more of the upside track in the upcoming sessions, supported by the EMA50, pointing that breaching the targeted level will extend the bullish wave on the medium term basis, which makes the price head towards 1.3836 as a next main station, while the continuation of the bullish trend depends on the stability above 1.3340 and the most important above 1.3310.

Expected trading range for today is between 1.3400 support and 1.3600 resistance.

Expected trend for today: Bullish