USDCAD Price Analysis
Expected Scenario
The USDCAD price provided additional positive trades yesterday, nearing the key resistance line at 1.3690.
However, it subsequently bounced bearishly, settling below the bullish channel’s support line, which keeps the bearish trend scenario valid and active for the upcoming period.
We are waiting for a break below 1.3590$ to confirm the extension of the bearish wave towards 1.3512$ followed by 1.3433$ levels.
Stochastic signals negativity, supporting the expectation for the price to reach the suggested targets.
It is crucial for the price to hold below 1.3690$ to sustain the anticipated decline.
Expected Trading Range
Between the support at 1.3560$ and the resistance at 1.3690$.
Trend Forecast: Bearish
Origin: Economies
