The USDCAD pair provided positive trading yesterday to approach from 1.2200 barrier, noticing that stochastic lost its positive momentum clearly to enter the overbought areas, while the EMA50 keeps pushing negatively on the price, which supports the continuation of trading inside the bearish channel that appears on chart.
Therefore, we are waiting for negative trading in the upcoming sessions, and the next target is located at 1.1900, noting that holding below 1.2255 represents initial condition to continue the suggested bearish wave.
Expected trading range for today is between 1.2050 support and 1.2220 resistance.
Expected trend for today: Bearish
Origin: Economies
