First target is surpassed by the USDCAD - Analysis - 12-09-2023

The USDCAD pair hit our first anticipated target of 1.3580 after breaking below the bullish channel's support line. This strengthened our belief that the bearish trend would continue to dominate, and the road was now clear to move toward 1.3500 as the next major objective.

As a result, we will continue to forecast a bearish trend for the foreseeable future, backed by the EMA50's negative pressure, but keeping in mind that a break of 1.3605 will halt the forecasted decrease and force the price to try to resume the primary positive trend.

The support and resistance levels for today's trading are 1.3500 and 1.3630, respectively.

Today's anticipated trend is bearish.