USDCAD under the negative pressure – Analysis - 17-08-2017

The USDCAD pair could not manage to hold for long time above 1.2739, to trade negatively yesterday and approach from the previously breached resistance of the bearish channel, which hints stopping the bullish correction that the price started from 1.2413 areas, followed by turning back to the main bearish track again.

Therefore, we suggest witnessing more decline in the upcoming sessions, and breaking 1.2550 will confirm the return to the mentioned bearish channel followed by testing 1.2413 as a first main target, noting that breaching 1.2739 will stop the current negative pressure and push the price to rise again.

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

Expected trend for today: Bearish