The USDCAD within continuation pattern – Analysis - 05-02-2021

The USDCAD pair traded positively yesterday to move away from 1.2780 level, and by taking a deeper look at the chart, we find that the price is confined within bullish pennant pattern, thus, breaching 1.2855 will provide additional positive motive that supports the chances of achieving more gains in the upcoming sessions.

Therefore, we expect witnessing positive trades on the intraday basis, and the targets begin at 1.2895 and extend to 1.2990 after surpassing the previous level, noting that the continuation of the expected rise requires holding above 1.2780.

The expected trading range for today is between 1.2780 support and 1.2910 resistance.

The expected trend for today: Bullish