The USDCAD price breaks the support – Forecast today - 23-04-2024
Economies.com
2024-04-23 03:51AM UTC
USDCAD Price Analysis
Expected Scenario
- The USDCAD price successfully breached the 1.3705$ level and closed the daily candlestick below it, strengthening the outlook for the continuation of the correctional bearish trend.
- This trend targets 1.3660$ followed by 1.3620$ levels as the next main stations.
- The expected decline is influenced by the previously completed head and shoulders’ pattern, with the price possibly testing the bullish channel’s support line around 1.3565$ before resuming the main bullish track.
- However, breaking above 1.3760$ will invalidate the current negative scenario and push the price higher.
Expected Trading Range
Between the support at 1.3620$ and the resistance at 1.3750$
Trend Forecast: Bearish
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