The USDCAD currency pair decisively breached the crucial 1.3680 support level and concluded the previous trading week below this pivotal mark. This development has triggered a shift towards a bearish trajectory, instigating a downtrend with an initial target of 1.3585, followed by a broader objective at 1.3500.
In light of this, today’s bias remains firmly bearish, with particular attention given to the 1.3635 level. A successful breach of this intermediate support will likely facilitate the realization of the anticipated bearish targets. Conversely, if the pair manages to reclaim the 1.3680 level, it may temporarily alleviate the downward pressure, potentially leading to a recovery phase.
The projected trading range for the day is bound by the 1.3570 support and the 1.3700 resistance levels, underscoring the prevailing bearish sentiment.
Today’s Trend Outlook: Bearish