The USDCAD pair resumes its negative trading to test 1.2265 level again, waiting to break this level to confirm the continuation of the bearish trend towards our next main target at 1.2053.
In general, we will continue to suggest the bearish trend on the intraday and short term basis supported by the negative effect of the previously completed bearish pennant’s pattern, noting that breaching 1.2350 will push the price to test the key resistance 1.2470 before any new attempt to decline.
Expected trading range for today is between 1.2180 support and 1.2350 resistance.
Expected trend for today: Bearish