The USDCAD pair continued to rise calmly yesterday to approach from the EMA50 that forms intraday resistance at 1.2230, and by taking a deeper look at the chart, we find that the last rise is organized inside minor bullish channel that we believe it forms bearish flag pattern, which means that breaking this channel’s support at 1.2140 will activate the negative effect of the mentioned pattern followed by pushing the price to resume the main bearish trend.
Therefore, we will continue to suggest the bearish trend in the upcoming sessions supported by the negative pressure formed by the EMA50, reminding you that the next main target is located at 1.1900, while holding below 1.2230 represents the first condition to continue the expected decline.
Expected trading range for today is between 1.2050 support and 1.2230 resistance.
Expected trend for today: Bearish
Origin: Economies
