The USDCAD awaits more decline – Analysis - 23-03-2023

The USDCAD pair faced negative pressure yesterday to approach the descending triangle’s support line that appears on the chart at 1.3650, and bounced bullishly to test this pattern’s resistance again, noticing that the price begins today with new bearish bias to remain within the mentioned pattern, which keeps the bearish trend scenario valid and active, waiting to break the mentioned support to confirm rallying towards our next main target at 1.3500.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative signal provided by stochastic, taking into consideration that breaching 1.3730 will push the price to turn to rise and achieve gains that start by visiting 1.3815 followed by 1.3860 areas.

The expected trading range for today is between 1.3630 support and 1.3770 resistance.

The expected trend for today: Bearish