The USDCAD pair traded with strong negativity yesterday to break the bullish channel’s support line and reach the key support 1.3510, noticing that the price presses negatively on this level in attempt to confirm breaking it, to hint heading to achieve bearish correction on the intraday basis, noting that the next target reaches 1.3445.
Therefore, we expect to witness more decline in the upcoming sessions, affected by the completion of the double top pattern that appears on the chart, noting that breaching 1.3550 will stop the negative scenario and lead the price to return to the main bullish track again.
The expected trading range for today is between 1.3440 support and 1.3570 resistance.
The expected trend for today: Bearish
Origin: Economies
