USDCAD Price Analysis
The USDCAD price is currently experiencing new negative pressure, having broken below the support line of its bullish channel. This movement suggests a potential test of the crucial short-term support at $1.3690. Despite this, the stochastic indicator is currently showing positive signals, which could potentially motivate the price to rise again.
Expected Scenario
The bullish trend scenario remains valid for the upcoming period, with a target set at $1.3845 as the next station. However, breaking below $1.3690 would likely lead the price downward towards the next correctional level at $1.3590.
Expected Trading Range for Today
- Support: $1.3660
- Resistance: $1.3790
Trend Forecast: Bullish
The USDCAD pair is expected to maintain its bullish trend, with technical indicators supporting potential upward movement despite the current test of support levels.
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