The USDCAD awaits the break – Analysis - 20-03-2023
The USDCAD pair faces solid support at 1.3680, finding difficulty to break it, to show temporary positive trades, noticing that the price recorded new lower high to form negative pattern that we are waiting to motivate the price to continue the decline in the upcoming sessions, and the price needs to break the mentioned support to confirm rallying towards 1.3500 as a next main target.
Therefore, the bearish trend will remain expected for the upcoming period, supported by the negative signal provided by stochastic, besides moving below the EMA50, noting that breaching 1.3760 will cancel the suggested negative formation and push the price to turn to rise.
The expected trading range for today is between 1.3640 support and 1.3780 resistance.
The expected trend for today: Bearish
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