Morning Report

The pair is affected by mixed technical signals that are preventing the USD/CAD for defining a clear direction. Trading stabilized above the main descending channel's resistance alongside steady trading within the minor ascending channel shown above. On the other hand, the 61.8% Fibonacci correction is adding negative pressure on the pair to pressure it back to the general downside trend. Therefore, we remain neutral for now and observe trading for more confirmations as we should pay attention for trading around 0.9650 support and 0.9845 resistance.

The trading range for today is among the major support at 0.9650 and the major resistance at 1.0000.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

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RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations