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The USDCAD price recently tested and found solid support near the 1.3590$ level. Stochastic indicators indicate a loss of positive momentum, reaching overbought territories, while the EMA50 continues to exert downward pressure on the price.
Analysts anticipate further downward movement in upcoming sessions, with a key focus on breaking below the aforementioned support level. A breach here could pave the way for further declines towards 1.3515$ and subsequently 1.3435$ levels. Sustained bearish momentum would require the price to remain below 1.3690$.
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Today’s expected trading range is projected between support at 1.3550$ and resistance at 1.3680$.
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Trend Forecast: Bearish
