The USDCAD places a second top – Analysis - 28-09-2020

The USDCAD pair provided clear positive trades on last Friday to breach 1.3362 level, but we notice that the price touched the recently recorded high at 1.3418 and started to decline from there, to witness signs of double top pattern that we expect to push the price to achieve the bearish correction suggested in our last report, supported by the negative signal provided by stochastic.

Therefore, the bearish trend will remain expected for the upcoming period, and the targets begin by breaking 1.3362 to open the way to head towards 1.3220, noting that breaching 1.3418 will stop the expected decline and leads the price to resume the bullish trend that its next targets extend to 1.3612.

The expected trading range for today is between 1.3300 support and 1.3430 resistance.

The expected trend for today: Bearish