USDCAD under the negative pressure – Analysis - 16-03-2017

The USDCAD pair suffer strong losses yesterday to break the critical support levels at 1.3360 then 1.3310 and closed the daily candlestick close below the last level, which stops the suggested positive scenario in our last report and push the price under negative pressure that we expect to push the trading to 1.2985 as a next main station.

Therefore, the bearish trend will be preferred in the upcoming period unless breaching 1.3370 level and holding above it, where this breach returns the price to the main bullish correctional channel, being aware that the EMA50 and stochastic are positive now, which might push the price to provide some positive trading on the intraday basis.

Expected trading range for today is between 1.3200 support and 1.3370 resistance.

Expected trend for today: Bearish