The USDCAD pair provided sideways and tight trading yesterday near the key support 1.2350, and the price moves inside bearish channel that appears on chart, noticing that stochastic provides negative overlapping signal now that supports the chances of breaking the mentioned support and open the way to continue the bearish trend on the short term basis.
Therefore, we will continue to suggest the bearish trend in the upcoming sessions, noting that our next target is located at 1.2125, while holding below 1.2459 represents initial condition to continue the expected bearish trend.
Expected trading range for today is between 1.2280 support and 1.2459 resistance.
Expected trend for today: Bearish
Origin: Economies
