The USDCAD tests the key resistance – Analysis - 16-10-2020

The USDCAD pair rallied upwards strongly yesterday to test the key resistance 1.3240, noticing that the price keeps its stability below it, witnessing clear negative signal through stochastic now, waiting to motivate the price to resume the expected bearish trend for the upcoming period, affected by the previously completed double top pattern, noting that the waited targets begin by breaking 1.3125 to confirm opening the way to head towards 1.3035 followed by 1.2960 levels.

On the other hand, we should note that breaching 1.3240 and holding above it will stop the expected decline and push the price to achieve additional gains that reach 1.3362.

The expected trading range for today is between 1.3150 support and 1.3300 resistance.

The expected trend for today: Bearish