The USDCAD begins bullish correction – Analysis - 18-12-2020

The USDCAD pair touched this week recorded low at 1.2688 again and bounced bullishly from there, to witness signs of forming double bottom pattern that supports the chances of beginning bullish correction on the intraday basis, which makes us suggest the rise in the upcoming sessions, on its way to visit 1.2854 followed by 1.2956 levels as main positive targets.

Therefore, we expect the continuation of the bullish bias today, and breaching 1.2765 will ease the mission of achieving the suggested targets, noting that breaking 1.2688 will stop the correctional bullish scenario and press on the price to resume the main bearish trend again.

The expected trading range for today is between 1.2690 support and 1.2820 resistance.

The expected trend for today: Bullish