USDCAD completes negative pattern – Analysis - 04-04-2018

The USDCAD pair traded with clear negativity yesterday to move away from 1.2923 level, noticing that the price completed forming head and shoulders’ pattern that its signs appear on the chart, which supports the continuation of our bearish overview in the upcoming sessions, and the way is open to test 1.2717 level that represents our first main target.

Therefore, we suggest the continuation of the bearish trend domination on the intraday and short term basis, and the mentioned pattern supports the chances of breaking the targeted level and extend the bearish wave towards 1.2500 followed by 1.2463 areas, while the expected decline will remain valid unless breaching 1.2923 level and holding above it.

Expected trading range for today is between 1.2700 support and 1.2850 resistance.

Expected trend for today: Bearish