USDCAD tests the channel's support – Analysis - 09-01-2017

The USDCAD pair touched the bullish channel’s support that appears in the above chart and shows bullish bias from there, where the price affected by stochastic positivity that loses its bullish momentum clearly, to reach the thresholds of the overbought levels, which supports the chances for the continuation of the bearish bias in the upcoming sessions, especially that the EMA50 continues its negative pressure on the price.

Therefore, the bearish trend will be preferred for today, and breaking 1.3180 level will confirm opening the way towards extending the bearish wave towards our next main target at 1.2985, being aware that breaching 1.3310 will stop the expected decline and leads the price to resume the bullish correctional track.

Expected trading range for today is between 1.3100 support and 1.3310 resistance.

Expected trend for today: Bearish