The USDCAD price tested the key resistance 1.3505 and bounced downwards clearly from there, to keep the bearish trend scenario valid and active for the upcoming period, supported by the negative pressure formed by the EMA50, waiting to test 1.3445 initially, noting that breaking it will push the price to visit 50% Fibonacci correction level at 1.3392.

Holding below 1.3505 is important to the continuation of the expected decline, as breaching it will lead the price to recover and return to the main bullish track again.

The expected trading range for today is between 1.3400 support and 1.3530 resistance.

Trend forecast: Bearish

Origin: Economies

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