The USDCAD pair rallied upwards strongly to breach the main bearish channel’s resistance that appears on the chart, which urges caution from the upcoming trading, as surpassing this level will push the price to exit the bearish channel to start bullish correction on the intraday and short term basis.
Therefore, we prefer staying aside until the price confirms its situation according to 1.2615 level, as breaching it will lead the price to achieve gains that start at 1.2740, while consolidating below it will press on the price to resume the main bearish trend that its first target located at 1.2535.
The expected trading range for today is between 1.2550 support and 1.2680 resistance.
The expected trend for today: Neutral