The USDCAD tests the resistance – Analysis - 22-01-2020

The USDCAD pair started today’s trading with clear rise to test the sideways range’s resistance at 1.3092 and settles there, noticing that the price begins to provide bearish turn signals now, accompanied by witnessing overbought signals through stochastic, to support the chances of bouncing bearishly to visit the mentioned range’s support line at 1.3039 in the upcoming sessions.

Therefore, the sideways range will remain valid on the intraday basis until confirming breaching one of the above mentioned levels, noting that surpassing the mentioned resistance will push the price to visit 1.3180 as a next correctional target, while breaking the support represents negative factor that will lead the price to return to the bearish track that targets 1.2950 areas initially.

The expected trading range for today is between 1.3000 support and 1.3160 resistance.

The expected trend for today: Sideways