USDCAD breaks the support – Analysis - 12-10-2017

The USDCAD pair fell under negative pressure yesterday to break the correctional bullish channel's support and settles below it, which stops the recently suggested positive scenario and push the price to return to the main bearish trend again, noting that breaking 1.2420 will add more confirmation to the continuation of the negative pressure for the upcoming period.

Therefore, the bearish trend will be suggested for today supported by moving below the EAM50, noting that the expected targets begin at 1.2300 and extend to reach the previously recorded low at 1.2061, while the expected decline will remain valid unless breaching 1.2470 level and holding above it again.

Expected trading range for today is between 1.2350 support and 1.2620 resistance.

Expected trend for today: Bearish