The USDCAD pair has been experiencing a decline, nearing the critical support level at 1.3680. Concurrently, the stochastic oscillator has entered the oversold territory, potentially serving as a catalyst for the resumption of the expected bullish trend in the near term. The primary target for this bullish scenario is 1.3820.
Supporting this upward momentum, the Exponential Moving Average (EMA50) is providing support from below. This reinforces the likelihood of the proposed positive outlook, with the condition that the price maintains stability above 1.3680.
Traders and investors should consider a trading range with support at 1.3650 and resistance at 1.3800. As for the expected trend today, it leans towards bullish, given the current technical indicators and conditions.