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The USDCAD price is currently fluctuating around the EMA50, which is providing significant support. However, the market is poised for a potential decline as traders await a breakthrough below this barrier to target the first correctional level at $1.3831. A break below this level could extend the bearish momentum, leading prices down to $1.3753.
The stochastic indicator is losing its positive momentum, reinforcing the negative outlook. This bearish trend is expected to remain in effect as long as prices stay below $1.3960.
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Today’s anticipated trading range is between support at $1.3830 and resistance at $1.3965.
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Trend Forecast: Bearish
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