The USDCAD price is currently trading negatively, approaching the critical threshold at $1.3590. There is anticipation in the market for this level to be breached, potentially activating a negative effect associated with a double top pattern visible on the chart. This scenario could pave the way for a continuation of the correctional bearish trend, targeting subsequent levels around $1.3515 and $1.3435.
Maintaining positions below $1.3690 is crucial for the sustained decline expected in the near term. A breach above this level, however, could alleviate the current bearish pressure and shift the price towards reclaiming the main bullish trend.
Today’s trading range is expected to fluctuate between support at $1.3550 and resistance at $1.3680.
Trend Forecast: Bearish
This forecast is based on technical indicators suggesting a potential downward trajectory for the USDCAD pair, contingent upon key support and resistance levels influencing market sentiment.
