USDCAD retests – Analysis - 24-10-2018

The USDCAD pair shows bearish bias to approach retesting the previously breached neckline of the inverted head and shoulders’ pattern that appears on the chart, which is met by the EMA50 to add more strength to it, forming key support at 1.3060, accompanied by stochastic entering the oversold areas.

Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, which its targets begin by breaching 1.3128 to open the way to rally towards 1.3382 on the near term basis, noting that the continuation of the expected rise depends on holding above 1.3060.

Expected trading range for today is between 1.3000 support and 1.3170 resistance.

Expected trend for today: Bullish