Forex

The USDCAD loses momentum – Analysis - 20-10-2020

2020-10-20 03:49:10 GMT (Economies.com)

The USDCAD pair approached 1.3125 level yesterday, showing some slight bullish bias to test the resistance line that appears on the chart, noticing that stochastic loses its positive momentum clearly, which supports the chances of resuming the bearish trend in the upcoming sessions.

 

Therefore, the bearish trend will remain suggested on the intraday and short term basis conditioned by the price stability below 1.3240, noting that breaking 1.3125 level is required to confirm opening the way to head towards 1.3035 followed by 1.2960 levels.

 

The expected trading range for today is between 1.3100 support and 1.3240 resistance.

The expected trend for today: Bearish

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