The USDCAD pair succeeded to touch our waited target at 1.2164 and finds solid resistance there, to hint possibility of witnessing bearish rebound to resume the main bearish trend, especially that stochastic provides negative signals, while the EMA50 attempts to support the price to achieve more bullish correction.
Therefore, we prefer staying neutral until we get clearer signal for the next trend, noting that breaching 1.2164 will push the price to 1.2255 as a next correctional station, while breaking 1.2125 represents negative factor that will press on the price to resume the main bearish trend that its targets begin by testing 1.2015 areas.
The expected trading range for today is between 1.2080 support and 1.2220 resistance.
The expected trend for today: Neutral
Origin: Economies
