The USDCAD forms new negative pattern – Analysis - 28-03-2023

The USDCAD pair faced strong negative pressure yesterday to break 1.3680 level and settles below it, starting today with more decline to attack key support line at 1.3650 now, and by taking deeper look at the chart, we find that this level forms neckline for triple top pattern that has negative targets that reach 1.3500 areas.

Therefore, we expect to witness more decline in the upcoming sessions, and the price needs to get four hours’ candlestick initially below 1.3650 to reinforce the expectations of continuing the bearish trend, noting that breaching 1.3650 followed by 1.3680 levels will stop the expected decline and push the price to attempt to recover again.

The expected trading range for today is between 1.3550 support and 1.3700 resistance.

The expected trend for today: Bearish