USDCAD faces negative pressure – Analysis - 23-07-2018

The USDCAD pair bounced downwards sharply after approaching 1.3300 barrier, affected by the positive Canadian core retail sales, to test the key support 1.3128 and settles there, as the price keeps its stability above this level until now, while the EMA50 provides the positive support to the price.

Therefore, the bullish trend will remain valid in the upcoming sessions unless breaking 1.3128 followed by 1.3060 levels, as breaking the last level will complete forming negative pattern that has negative targets that reach 1.2717 on the short term basis, while the next main target of the expected bullish wave is located at 1.3382.

Expected trading range for today is between 1.3060 support and 1.3230 resistance.

Expected trend for today: Bullish