The USDCAD touches the target – Analysis - 03-04-2023

The USDCAD pair succeeded to achieve our waited target at 1.3500 and presses negatively on it in attempt to break it, to support the chances of continuing the bearish trend on the intraday and short term basis, paving the way to head towards 1.3450 followed by 1.3350 levels as next negative targets.

Therefore, the bearish bias will be expected in the upcoming sessions, supported by the EMA50 that continues to press negatively on the price, noting that failing to break 1.3500 and bouncing bullishly to breach 1.3540 will push the price to recover and achieve gains that start by visiting 1.3650 followed by 1.3680 levels.

The expected trading range for today is between 1.3420 support and 1.3550 resistance.

The expected trend for today: Bearish