The USDCAD attempts to recover – Analysis - 01-11-2021

The USDCAD pair provided positive trades to move above 1.2365, which hints the price attempt to recover and stop the current correctional bearish pressure, but we prefer to stay aside temporarily until the price confirms its situation according to the mentioned level followed by detecting the next destination clearly.

Note that holding above 1.2365 will push the price to achieve gains that start by testing 1.2475, while breaking it and trading below it again will press on the price to continue the decline and head towards 1.2230 as a next correctional target.

The expected trading range for today is between 1.2320 support and 1.2450 resistance.

The expected trend for today: Neutral