The USDCAD currency pair concluded the previous trading session on a note of conspicuous negativity, culminating in the breach of the support line of the established bullish channel. This decisive move was coupled with the subsequent settlement below the support, propelling the pair towards a prospective rendezvous with the significant support level at 1.3500. It is anticipated that this juncture may act as a temporary stopping point before a resumption of the bullish trajectory.
Consequently, a bearish inclination is projected for the current day. It is essential to underscore that this decline is of a transitory nature, with a forthcoming revival of the bullish momentum in the offing. It is prudent to recognize that surmounting the 1.3590 level would serve as a definitive factor in reversing the negative scenario and potentially guiding the price back into the confines of the established bullish channel.
Today’s anticipated trading range spans between the support at 1.3500 and the resistance at 1.3640.
The prevailing trend for today is characterized as bearish in the short term.