The USDCAD pair trading bounced lower strongly yesterday after forming a strong resistance by the EMA50, to test the main support line that located at 1.3230, which breaking it represents the extension of the bearish wave on the short and medium term basis to reach the previously recorded bottom at 1.2825.
Stochastic shows positive signals now, to begin to rise gradually in attempt to resume yesterday- suggested bullish wave, to keep preferring the bullish bias in the upcoming sessions conditioned by holding above 1.3230 level, and its next main target at 1.3536.
Expected trading range for today is between 1.3200 support and 1.3400 resistance.
Expected trend for today: Bullish
Origin: Economies
