The USDCAD pair breached the bearish channel’s resistance clearly and settle above it, to hint heading to recover in the upcoming sessions, but we notice that the EMA50 forms negative pressure that might prevent the price from achieving more rise, besides the negative signals provided by stochastic now, which might force the price to decline again.
Therefore, the contradiction between the technical indicators makes us prefer to stay aside until the price surpasses one of the next trend keys represented by 1.3545 support and 1.3590 resistance, noting that breaking this support will push the price to resume the bearish wave that its targets begin by breaking 1.3500 to head towards 1.3445 followed by 1.3350, while breaching the resistance represents the key to head towards 1.3680 direct.
The expected trading range for today is between 1.3500 support and 1.3640 resistance.
The expected trend for today: Neutral
Origin: Economies
