The USDCAD approaches the target – Analysis - 12-01-2021

The USDCAD pair rallied upwards yesterday to approach our waited target at 1.2854, as it faced the bearish channel’s resistance that appears on the chart, accompanied by witnessing negative signals through stochastic, which forms negative motive that we expect to press on the price to rebound bearishly and resume the main bearish trend.

Therefore, we expect witnessing negative trades in the upcoming sessions, and the targets begin at 1.2688 and extend to 1.2600, taking into consideration that breaching 1.2854 will stop the suggested negative scenario and push the price to achieve more bullish correction.

The expected trading range for today is between 1.2690 support and 1.2830 resistance.

The expected trend for today: Bearish