The USDCAD pair recently encountered some temporary downward pressure in its trading sessions. However, it managed to find support and rebounded, particularly as it breached the resistance of the intraday bearish channel, as evident in the chart. This rebound has propelled the pair towards the key level at 1.3500, with potential plans to surpass this level in order to confirm the continuation of the anticipated bullish movement on the intraday timeframe. The next target is set at 1.3585.
As a result, the preference is to maintain a bullish outlook for the near future, with a particular focus on potential breaches of the 1.3500 level. The continuation of this bullish trend is favored unless the pair manages to break below 1.3425 and sustain such a break.
The expected trading range for today is anticipated to lie between the support level at 1.3420 and the resistance level at 1.3550.
To summarize, the USDCAD pair temporarily tested the downside but is currently leaning towards a bullish stance, with an emphasis on breaking the pivotal 1.3500 level as a signal for a continued upward trajectory in the near term.