The USDCAD keeps declining – Analysis 08-02-2024

forex_news_7The USDCAD pair shows more bearish bias to surpass the EMA50 and settles below it, reinforcing the expectations of continuing the bearish trend, which targets the bullish channel’s support line that rises now to 1.3395.

Therefore, we are waiting for more decline in the upcoming sessions, and holding below 1.3500 is important to the continuation of the suggested bearish trend, as breaching it represents the key to resume the bullish track that moves organized inside the bullish channel that appears on the chart.

The expected trading range for today is between 1.3380 support and 1.3500 resistance.

The expected trend for today: Bearish

https://dylta6p24nxqg.cloudfront.net/images/1707364625.png

Origin: Economies

 

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