The USD/CAD pair has encountered difficulty in maintaining its position above the 1.3680 level, leading to a subsequent bearish reversal. As a result, the pair is currently trending lower, with an initial objective of reaching the support line within the bullish channel, situated at approximately 1.3580. It is important to emphasize that a break below this level could potentially extend the bearish momentum, targeting the 1.3500 areas in the near term.
Consequently, further declines are anticipated in the upcoming trading sessions, with the breach of 1.3615 serving to reinforce the bearish perspective. It is essential to monitor the 1.3680 level closely, as a successful break above it could halt the current bearish scenario and potentially prompt a resumption of the primary bullish trend.
For today’s trading, the projected range is expected to span between the support level at 1.3550 and the resistance level at 1.3680. Traders should pay close attention to this range as it may offer valuable insights into potential market reversals or breakouts.
In summary, the USD/CAD pair has failed to confirm a break above the 1.3680 level, leading to a bearish reversal. The near-term outlook is bearish, with a target at 1.3580 and the potential for further declines towards 1.3500. A breakthrough of 1.3615 would strengthen the bearish scenario, while breaching 1.3680 could revive the main bullish trend. The current trend is bearish.