The USDCAD price rallied upwards strongly by today’s open after the upcoming US president Trump announced that he will impose new tariffs on the Canadian goods, to return to the bullish channel and reach 1.4180 areas, on its way to continue the rise within the bullish channel that appears on the chart, noting that the next station reaches 1.4245$.

Therefore, the bullish bias will be suggested for today, noting that breaking 1.4105$ will push the price to test the bullish channel’s support line around 1.4025$ before any new attempt to rise.

The expected trading range for today is between 1.4060$ support and 1.4190$ resistance

Trend forecast: Bullish

The USDJPY price shows sideways trades since yesterday, settling below the EMA50 that forms negative pressure against the price, noticing that the price approaches the neckline of the double top pattern that its signs appear on the chart at 153.40, noting that breaking this level will push the price to achieve negative targets that surpass 152.70 to reach 150.20 on the near-term basis.

Therefore, the bearish trend will remain valid and active on the intraday basis, taking into consideration that breaching 154.90 will cancel the suggested negative formation and push the price to rise again.

The expected trading range for today is between 153.20 support and 154.70 resistance

Trend forecast: Bearish

The GBPUSD price couldn’t manage to hold for long time above 1.2566$ level, to break it and settle below it again, which puts the price under the negative pressure again and head towards resuming the decline within the bearish channel that appears on the chart, targeting 1.2465$ followed by 1.2400$ levels as next negative stations.

The EMA50 supports the expected decline, while breaching 1.2566$ will push the price to start new recovery attempts that target 1.2640$ initially.

The expected trading range for today is between 1.2450$ support and 1.2600$ resistance

Trend forecast: Bearish

The EURUSD price’s rise stopped at 1.0530$ level, to rebound bearishly and return to the bearish channel by today’s open, which stops the correctional bullish scenario suggested in our last technical update to resume the bearish track again, on its way to achieve negative targets that start at 1.0325$.

Therefore, the bearish bias will be suggested for today, supported by the negative pressure formed by the EMA50, noting that breaching 1.0475$ and holding above it will lead the price to achieve intraday gains that target testing 1.0563$ level initially.

The expected trading range for today is between 1.0380$ support and 1.0520$ resistance

Trend forecast: Bearish