The USDCAD pair has successfully reached our second awaited target at 1.3680 and proceeded to break below this level, thereby paving the way for the attainment of additional downside targets. The next objective in line is the testing of 1.3575.
Consequently, the bearish trend scenario remains active and is supported by the price’s positioning below the EMA50. However, it’s essential to acknowledge that breaching 1.3680 would curtail the current downward pressure and may trigger attempts to initiate a bullish wave on an intraday basis.
The anticipated trading range for today is expected to fluctuate between the support at 1.3570 and the resistance at 1.3700.
The prevailing trend for today remains distinctly bearish.