The USDCAD price shows bullish bias to move above 1.3471$ level, but when we take a deeper look at the chart, we find that the recent rise is confined within minor bullish channel that we believe it forms bearish flag pattern, which means that breaking 1.3455 will activate the negative effect of this pattern and push the price to decline towards our waited targe tat 1.3360$.
Therefore, we will continue to suggest the bearish trend for the upcoming period, taking into consideration that failing to achieve the required break will lead the price to achieve more gains and head to test 1.3562$ areas on the near-term basis.
The expected trading range for today is between 1.3410$ support and 1.3540$ resistance.
Trend forecast: Bearish
Origin: Economies
