The USDCAD pair rallied upwards strongly yesterday to breach 1.3620 level and reach the most important resistance at 1.3680, to hint the attempt to resume the bullish trend within the bullish channel that appears on the chart, but we notice that stochastic shows clear overbought signals that might push the price to decline again.
Therefore, we prefer to stay aside until the price confirms its situation according to 1.3680 level, noting that breaching it will push the price to achieve additional gains that reach 1.3785, while consolidating below it will put the price under negative pressure that targets 1.3620 followed by 1.3500 levels as main negative stations.
The expected trading range for today is between 1.3610 support and 1.3760 resistance.
The expected trend for today: Neutral
Origin: Economies
