USDCAD retests – Analysis - 13-01-2017
Economies.com
2017-01-13 05:29AM UTC
The USDCAD pair approached from our main waited target at 1.2985 and bounced bullishly clearly towards retesting the previously broken support of the bullish channel that turns into resistance now at 1.3195, which is met by the EMA50 to add more strength to it, accompanied by stochastic entering the overbought areas now.
Therefore, these factors encourage us to continue suggesting the overall bearish trend, waiting to test 1.2985 level mainly, noting that breaching 1.3195 level will push the price to test the most important resistance to the short term trading at 1.3310 before any new attempt to decline.
Expected trading range for today is between 1.3020 support and 1.3245 resistance.
Expected trend for today: Bearish
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