USDCAD Price Analysis
The USDCAD price extended its decline throughout the previous Friday, reaching the anticipated target level at 1.3590$. Currently, the price displays a temporary bullish bias, with stochastic indicators losing positive momentum and entering overbought territory. This scenario is expected to prompt a resumption of the correctional bearish trend, targeting the next support level at 1.3515$.
The ongoing bearish outlook is reinforced by the formation of a double top pattern, evident on the chart. Sustaining trading below the key resistance level of 1.3690$ is critical to validating further downside potential and achieving the projected targets.
Expected Trading Range
The expected trading range for today is between a support level of 1.3560$ and a resistance level of 1.3700$.
Trend Forecast: Bearish
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