The USD/CAD pair has exhibited a clear rebound after a previous test of the 1.3500 level. It successfully reached our initial target at 1.3615, marking a continuation of the anticipated bullish trend on an intraday basis, with the next target set at 1.3680.
While the current stochastic indicator shows some signs of negativity, it may lead to temporary sideways movement before the expected upward trajectory resumes. It’s important to note that a breach of 1.3500 would halt the bullish trend and potentially shift the price into a downtrend.
The anticipated trading range for today is expected to fluctuate between support at 1.3520 and resistance at 1.3660, with the prevailing trend favoring the bulls.