USDCAD approaches the target – Analysis - 12-02-2018

The USDCAD pair rallied upwards strongly on last Friday, affected by the Canadian economic data, to approach our main waited target at 1.2717, noticing that the price rebound downwards quickly, which hints that the price faces negative pressure on the intraday basis.

Therefore, we suggest witnessing more decline in the upcoming sessions, and the first target is represented by testing 1.2463 level, noting that breaking this level will push the price to resume the main bearish trend that its next main target located at 1.2230, while the expected decline will remain valid unless the price managed to breach 1.2717 level and hold above it.

Expected trading range for today is between 1.2460 support and 1.2610 resistance.

Expected trend for today: Bearish