USDCAD touches the channel's resistance – Analysis - 07-08-2017

The USDCAD pair traded with clear positivity on last Friday after breaching 1.2575, to touch the main bearish channel's resistance that appears on chart and start bouncing bearishly from there, which hints the price head to resume the main bearish track in the upcoming sessions, especially that stochastic provides clear negative signal now.

Therefore, we expect witnessing negative trading on the intraday and short term basis, and the targets begin at 1.2459 and extend to 1.2280, taking into consideration that breaching 1.2685 will stop the expected decline and push the price to head towards 1.2985 before any new attempt to decline.

Expected trading range for today is between 1.2500 support and 1.2700 resistance.

Expected trend for today: Bearish