The Loonie pair opens today’s trading with a bullish bias to test the intraday bearish channel’s resistance that appears on the chart, accompanied by stochastic losses to the positive momentum clearly, waiting to resume the bearish trend that its next targets located at 1.2635 and 1.2593.
On the news front, the Trump impeachment proceeding continue and later in the afternoon Canada is going to report its monthly wholesale sales. Later in the afternoon the US will report the Preliminary University of Michigan Inflation Expectations.
We expect the bearish trend to remain valid and active for the upcoming period unless breaching 1.2780 and holding above it. The expected trading range for today is between 1.2640 support and 1.2780 resistance.
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