The USDCAD touches the second target – Analysis - 22-12-2020

The USDCAD pair provided additional positive trades yesterday to succeed touching our second target at 1.2956, as it bounced downwards strongly from there to test the support base formed at 1.2854 after breaching it previously, to keep the stability of the daily close above this level and begins today with new rise that supports the chances of achieving more gains in the upcoming period.

Therefore, the bullish trend will be expected on the intraday basis, and the targets begin by surpassing 1.2956 to open the way to visit 1.3040, noting that stochastic provides positive signals that support the expected rise, which will remain valid conditioned by the price stability above 1.2854 and 1.2820 levels.

The expected trading range for today is between 1.2800 support and 1.2960 resistance.

The expected trend for today: Bullish