The USDCAD approaches the extended target – Analysis - 16-02-2021

The USDCAD pair keeps declining clearly to surpass 1.2635 and approaches our second waited target at 1.2590, reinforcing the expectations of continuing the bearish trend, noting that the EMA50 forms continuous negative pressure against the price, to support the chances of breaking the mentioned level and open the way to extend the bearish wave on the longer-term basis, as the next target reaches 1.2525.

Holding below 1.2660 is important to continue the expected decline, as breaching it will lead the price to start recovery attempts that target testing 1.2780 areas initially.

The expected trading range for today is between 1.2540 support and 1.2660 resistance.

The expected trend for today: Bearish