USDCAD tests the support – Analysis - 03-02-2017

The USDCAD pair tested 1.2985 level and finds difficulty to break it until now, which hints that the price needs for strong negative motive that supports breaking the mentioned level followed by opening the way to head towards our next target at 1.2700, noticing that stochastic reaches the overbought areas to form negative factor that we are waiting to provide the required negative motive.

Therefore, our bearish overview will remain valid and active for today, noting that breaching 1.3090 level will stop the expected decline and lead the price to test 1.3245 areas and might extend to 1.3310 before any new attempt to decline.

Expected trading range for today is between 1.2900 support and 1.3100 resistance.

Expected trend for today: Bearish