USDCAD tests the moving average – Analysis - 12-04-2017
The USDCAD pair settles near 1.3310, where the EMA50 forms a strong support base that stopped the last decline, while the price remains confined within the sideways range that appears in the image, and its line are represented by 1.3265 support and 1.3415 resistance.
Therefore, the sideways trading will remain the dominant on the intraday basis until surpassing one of the above mentioned levels to detect its next trend clearly, reminding you that breaking 1.3265 will complete forming a bearish technical pattern that has negative targets reach mainly to 1.2985, while breaching 1.3415 will reinforce the price to resume the bullish correctional track that its next target located at 1.3574.
Expected trading range for today is between 1.3200 support and 1.3440 resistance.
Expected trend for today: Sideways
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