USDCAD suffers sharp losses – Analysis - 01-10-2018

The USDCAD pair traded with strong negativity on last Friday affected by the positive data coming from the Canadian economy, to break 1.2923 level and close the weekly candlestick below it, noticing that the price begins today with more decline to approach 1.2800 barrier, which hints that the price will face more negative pressure in the upcoming period, as it completed forming triple top pattern by breaking the first level.

Therefore, the bearish bias will be dominant in the upcoming period, noting that our next target reaches 1.2717, while the expected decline will remain valid unless breaching 1.2923 level and holding above it.

Expected trading range for today is between 1.2730 support and 1.2900 resistance.

Expected trend for today: Bearish