The USDCAD price bounced upwards clearly to approach the key resistance 1.3505, noticing that stochastic lost its positive momentum and begins to overlaps negatively now, which supports the chances of resuming the correctional bearish wave and head to achieve new negative targets in the upcoming sessions.
Therefore, we expect to witness bearish bias today, and the targets begin by surpassing 1.3445 to open the way to head towards 1.3392, noting that breaching 1.3505 will stop the current bearish correction and push the price to regain the main bullish trend again.
The expected trading range for today is between 1.3410 support and 1.3550 resistance.
Trend forecast: Bearish
Origin: Economies
