The USDCAD pair has demonstrated clear positivity in recent sessions, successfully breaching the 1.3440 level and reaching the 1.3500 threshold. This development marks a reversal of the previously suggested negative scenario, initiating a recovery on an intraday basis. To consolidate this upward movement, the pair now seeks to breach the 1.3500 level, opening the path for additional gains with a next target set at 1.3600.
The prevailing bullish bias is underpinned by the pair’s position above the EMA50, signaling a positive trajectory for today. It is essential to monitor the stability of the 1.3500 level, as a sustained position against the current bullish wave could trigger a bearish rebound, potentially leading the price towards 1.3350 initially.
For today’s projected trading range, it is anticipated to fluctuate between the support level at 1.3420 and the resistance level at 1.3560. Traders are advised to remain attentive to critical levels and potential shifts in market dynamics.
In summary, the prevailing trend for today is distinctly bullish for the USDCAD pair, with a focus on breaching and sustaining levels above 1.3500 to pursue further gains. However, market participants should be vigilant for any potential reversal around key levels, particularly the aforementioned resistance.