The USDCAD under the negative pressure – Analysis - 30-12-2021

The USDCAD pair found solid resistance barrier formed by the EMA50 against the positive attempts, to rebound bearishly and attack the bullish channel’s support line, which hints the price attempt to achieve some bearish correction, but we notice that stochastic shows positive signals that might push the price to resume the positive attempts again.

Therefore, this contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to 1.2795 level, noting that consolidating above it will reactivate the bullish trend scenario that its first target located at 1.2950, while holding below it will press on the price to decline towards 1.2710 followed by 1.2630 levels as main negative stations.

The expected trading range for today is between 1.2725 support and 1.2860 resistance.

The expected trend for today: Neutral