The USDCAD price is currently hovering around the $1.3690 level, maintaining stability below it at present. Stochastic indicators show a decline in positive momentum, suggesting potential motivation for the price to resume its anticipated bearish trend in the near future. Initial targets for this downward movement start with testing $1.3590.
It’s important to observe the price action around the targeted level, as a breakthrough could complete the formation of a negative pattern with further downside targets extending towards $1.3435. Conversely, breaking above and holding above $1.3690 would negate the bearish scenario, potentially signaling a return to bullish momentum.
Today’s expected trading range is between support at $1.3600 and resistance at $1.3740.
Trend Forecast: Bearish
