The USDCAD under the negative pressure – Analysis - 17-05-2022
Economies.com
2022-05-17 04:01AM UTC
The USDCAD pair traded with strong negativity yesterday to break the bullish channel’s support line and start bearish correction for the rise measured from 1.2458 to 1.3076, as it presses on 38.2% Fibonacci correction level now, hinting heading towards the next correctional level at 1.2767.
Therefore, the bearish bias will be expected for today, taking into consideration that failing to consolidate below 1.2840 will lead the price to start recovery attempts and test 1.2930 initially.
The expected trading range for today is between 1.2760 support and 1.2890 resistance.
The expected trend for today: Bearish
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