The USDCAD price faces negative pressures to trade below the bullish channel’s resistance line that appears on the chart, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to start bearish correction for the rise measured from 1.3420$ to 1.4467$, to head towards visiting 1.4220$ areas as a first correctional station.
Therefore, the bearish trend will be expected for the upcoming sessions, taking into consideration that breaching 1.4405$ will stop the negative scenario and lead the price to resume the main bullish trend again.
The expected trading range for today is between 1.4280$ support and 1.4400$ resistance
Trend forecast: Bearish
Origin: Economies
