The USDCAD pair faced negative pressure to end yesterday below 1.3500, to hint heading to turn to decline, but it faces good support formed at the previously breached resistance of the bullish pennant pattern that appears on the chart, as the EMA50 meets this level to add more strength to it, accompanied by witnessing positive signals through stochastic.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 1.3460 support line will push the price to continue the decline and achieve negative targets that reach 1.3350, while breaching 1.3500 resistance will reactivate the bullish trend scenario that targets 1.3600 followed by 1.3680 levels.
The expected trading range for today is between 1.3390 support and 1.3550 resistance.
The expected trend for today: Neutral
Origin: Economies
