USDCAD retests – Analysis - 19-02-2018

The USDCAD pair traded with clear positivity on last Friday after it found solid support at 1.2463, to retest the previously broken neckline of the minor double top pattern, as the price keeps its stability below this level to keep the negative effect of the mentioned pattern active, accompanied by witnessing clear overbought signals through stochastic.

Therefore, we believe that the chances are valid to resume the bearish trend in the upcoming sessions, noting that breaking 1.2463 will open the way to head towards 1.2265 as a next target, while breaching 1.2565 represents the key to rally to test 1.2717 areas before any new attempt to decline.

Expected trading range for today is between 1.2440 support and 1.2600 resistance.

Expected trend for today: Bearish