The USDCAD touches the target – Analysis - 10-11-2020

The USDCAD pair succeeded to touch our waited target at 1.2965 and attempted to break it without managing to settle below it, to show some temporary bullish bias, as it hovers around 1.3000 barrier now, noticing that stochastic loses its positive momentum to approach the overbought areas, waiting to motivate the price to resume the main bearish trend, which its targets extend to 1.2885 after surpassing 1.2965.

Therefore, the bearish trend scenario will remain valid and active for the upcoming period unless breaching 1.3100 level and holding above it.

The expected trading range for today is between 1.2900 support and 1.3080 resistance.

The expected trend for today: Bearish