USDCAD Completes Negative Pattern
USDCAD pair ended last Friday below 1.3500 level after the sharp decline that it witnessed in the previous sessions, affected by the strong positive employment data from the Canadian economy, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders’ pattern that its confirmation line located at the mentioned level.
Therefore, we expect to face additional negative pressures in the upcoming period, and the targets begin by surpassing 1.3500 support line to open the way to head towards 1.3350 followed by 1.3205 levels, taking into consideration that the consolidation of the mentioned support against the current negative pressure will lead the price to start recovery attempts that target testing 1.3680 areas initially.
The expected trading range for today is between 1.3440 support and 1.3590 resistance, and the expected trend for today is Bearish.