The USDCAD currency pair initiated the trading session on a positive note today, marking a departure from the 1.3600 barrier. This development reinforces the prevailing expectations of a sustained bullish trend, with a subsequent target identified at 1.3680.
Notably, the orderly progression of the bullish wave is channeled within the confines of a well-defined bullish channel. This wave receives steadfast support from the EMA50 (Exponential Moving Average 50). It is essential to emphasize that the continuation of this bullish trajectory is contingent upon the price maintaining its stability above the pivotal level at 1.3500.
For today’s trading session, the anticipated trading range is expected to extend from the support level at 1.3570 to the resistance level at 1.3700.
In summary, the USDCAD currency pair has embarked on the trading session with an optimistic tone, moving away from the 1.3600 barrier. This reaffirms the prevailing bullish sentiment, with a target established at 1.3680. The well-structured bullish channel and support from the EMA50 further bolster this outlook. However, it is crucial to underscore the significance of price stability above 1.3500 for the continuation of this bullish wave.