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The USDCAD surpasses the first target – Analysis - 12-09-2023
The USDCAD pair succeeded to achieve our first waited target at 1.3580, noticing that the price broke the bullish channel’s support line and settled below it, reinforcing the expectations of continuing the domination of the bearish trend, and the way is open to head towards 1.3500 as a next main target.
Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaching 1.3605 will stop the suggested decline and push the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 1.3500 support and 1.3630 resistance.
The expected trend for today: Bearish
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