The CADCHF pair has successfully withstood recent downward pressure, demonstrating resilience by consistently closing above the critical support level at 0.6290. This has resulted in a corrective bullish rebound, currently settling near 0.6370.
Sustaining levels above the mentioned support is deemed crucial for bolstering the potential positive momentum required to initiate a correctional bullish trajectory. The anticipated trajectory could lead to an objective targeting of the 0.675 level. Surpassing this initial obstacle may extend the bullish trend towards 0.6610 in the medium-term, establishing itself as the next primary target for bullish trades.
Today’s projected trading range is expected to fluctuate between 0.6330 and 0.6450, providing traders with a reference for potential price movements. As for the overall trend outlook for the day, the sentiment remains bullish, reflecting the ongoing strength and resilience exhibited by the CADCHF pair. Investors and market participants are advised to monitor the price action closely as the currency pair navigates through potential bullish developments.