The USDCAD price bounced downwards strongly to lose all the previous sessions’ gains, as it broke the bullish channel’s support line to head towards starting bearish correction for the rise measured from 1.3419$ to 1.4793$, noting that the price surpassed 23.6% Fibonacci correction level to open the way to head towards the next correctional level at 1.4268$.
Therefore, the bearish bias will be suggested for today, noting that breaching 1.4475$ will stop the negative scenario and lead the price to return to the bullish track again.
The expected trading range for today is between 1.4370$ support and 1.4520$ resistance
Trend forecast: Bearish
Origin: Economies
