The USDCAD under the negative pressure – Analysis - 04-10-2022

The USDCAD pair faced strong negative pressure yesterday to break 1.3650 level and settles below it, to hint starting bearish correction for the rise that started from 1.2727 areas, and by taking a deeper look at the chart, we find that the price draws double top pattern that its confirmation line located at 1.3600, thus, breaking this level will confirm the beginning of the bearish correction and push the price to head towards 1.3410 direct.

Therefore, we suggest witnessing negative trades in the upcoming sessions, taking into consideration that breaching 1.3700 will stop the current negative pressure and lead the price to recover again.

The expected trading range for today is between 1.3540 support and 1.3680 resistance.

The expected trend for today: Bearish