The USDCAD pair rallied upwards strongly yesterday to approach our waited target at 1.2950, as it touched the bullish channel’s resistance and bounced downwards clearly from there, which hints the possibility of heading to achieve more decline to visit the mentioned channel’s support line.
Now, we prefer to stay aside to monitor the price behavior according to 1.2845 level, noting that consolidating above this level will lead the price to achieve new gains and test 1.2950 initially, while breaking it will push the price to continue the decline and test 1.2725 followed by 1.2670 areas before any new attempt to resume the main bullish trend again.
The expected trading range for today is between 1.2750 support and 1.2950 resistance.
The expected trend for today: Neutral