USDCAD Price Analysis
Expected Scenario
The USDCAD price finds difficulty to continue the rise, to trade negatively and approach the key support 1.3618$, which represents a cluster of support levels represented by the bullish channel’s support line besides 61.8% Fibonacci correction line, in addition of being the neckline of the triple top pattern that its signs appear on the chart, which shows the importance of this level to determine the next destination.
On the other hand, the continuous trading inside the bullish channel and stochastic positivity might assist to push the price to recover and resume the main bullish track again.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 1.3705$ resistance will lead the price to resume the bullish trend and achieve gains that start at 1.3760$ and extend to 1.3845$, while breaking 1.3618$ support represents the key to turn to decline and head towards 1.3565$ followed by 1.3480$ levels initially.
Expected Trading Range
Between 1.3570$ support and 1.3720$ resistance.
Trend Forecast: Neutral
Origin: Economies
