The USDCAD draws negative pattern – Analysis - 17-03-2023

The USDCAD pair faced clear negative pressure yesterday to break the bullish channel’s support line and settles below it, and begin to provide additional negative trades now to approach the key support 1.3680.

By taking a deeper look at the chart, we find that the price forms double top pattern that its signs appear on the chart, its confirmation line is located at 1.3665, which means that breaking it will push the price to achieve additional decline that its next main target reaches 1.3500.

Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50 now, noting that breaching 1.3760 will stop the expected decline and lead the price to recover again.

The expected trading range for today is between 1.3610 support and 1.3760 resistance.

The expected trend for today: Bearish