The USDCAD pair traded with clear positivity yesterday to breach 1.3680 and settles above it, but we notice that the recent trades are confined within bearish flag pattern that its signs appear on the chart, as the price settles below this pattern’s resistance and continues to record the descending tops.
On the other hand, we notice that stochastic lost its positive momentum clearly and begins to overlap negatively now, to interpret the reasons of today’s negative start.
Therefore, these factors encourage us to suggest the bearish bias for today, and the targets begin by breaking 1.3650 to activate the negative effect of the mentioned pattern followed by rallying towards 1.3500 as a next main station, noting that breaching 1.3730 will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 1.3620 support and 1.3770 resistance.
The expected trend for today: Bearish