The USDCAD pair recent trades are confined within bearish pennant pattern that appears on chart, which means that breaking 1.2445 support will activate the negative effect of this pattern and push the price to continue the main bearish trend, which targets 1.2280 level as a next main station.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis supported by the EMA50, noting that holding below 1.2575 is important to continue the suggested decline, as breaching it will form positive motivate that pushes the price to turn its intraday track to rise.
Expected trading range for today is between 1.2380 support and 1.2575 resistance.
Expected trend for today: Bearish
Origin: Economies
