USDCAD tests the moving average – Analysis - 04-01-2017

The USDCAD pair settles below the EMA50, to keep the negative pressure valid until now, supported by stochastic approach from the overbought areas, waiting to resume the bearish bias that targets testing the key support base 1.3310 mainly.

Therefore, our intraday bearish trend expectations will remain valid until now unless breaching 1.3574 and holding above it, reminding you that it is important to monitor the price when reaching 1.3310 level, as breaking it represents the key to extend the bearish wave towards 1.3160.

Expected trading range for today is between 1.3310 support and 1.3530 resistance.

Expected trend for today: Bearish