The USDCAD pair ended yesterday negatively to break the intraday bullish channel’s support line and settles below it, and by taking a deeper look at the chart, we find that the price is forming double top pattern that its confirmation line located at 1.3565, which means that breaking this level will push the price to decline towards 1.3500 direct.
Therefore, the bearish bias will be suggested for today, and it is important to monitor the price when reaching the mentioned target, as breaking it will push the price to achieve additional decline that its next target reaches 1.3350 areas, while breaching 1.3590 will stop the expected negative scenario and lead the price to resume the bullish trend again.
The expected trading range for today is between 1.3480 support and 1.3610 resistance.
The expected trend for today: Bearish
Origin: Economies
