The USDCAD pair is currently experiencing fluctuations in the vicinity of the previously breached support level of the bullish channel, as it endeavors to retrace its path back into the channel. The presence of the EMA50 continues to offer favorable support to the price dynamics.
In line with this, the bullish trajectory is expected to persist in the upcoming period, contingent upon the price’s ability to maintain stability above the 1.3500 level. It is worth noting that our projected target points begin at 1.3595 and extend further to 1.3680.
For today’s trading range, the lower bound of support is situated at 1.3485, while the upper threshold of resistance is at 1.3600.
In summary, the prevailing trend for the USDCAD pair is expected to retain its bullish nature.