USDCAD crawls downwards – Forecast – 22/08/2017

news_22_feb_cad_usd_1The USDCAD pair continues to decline, heading towards the recently recorded low at 1.2413, and the price falls under negative pressure formed by the EMA50, which supports the continuation of our bearish overview in the upcoming period, noting that breaking the mentioned level will push the price to extend the bearish wave and target 1.2330 areas on the near term basis.

Holding below 1.2739 is important to continue the expected bearish trend, as breaching it will lead the price to return to the correctional bullish track that its next target located at 1.2940.

Expected trading range for today is between 1.2440 support and 1.2640 resistance.

Expected trend for today: Bearish

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Origin: Economies

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