The USDCAD price achieves clear gains – Forecast today - 08-04-2024

USDCAD Price Analysis

Expected Scenario

• The USDCAD price rallied upwards strongly on last Friday to attack 1.3606$ level and attempts to breach it, but it ended the week below it, to remain within the sideways range that its lines represented by this resistance and 1.3505$ support, noticing that stochastic shows negative signals that might push the price to decline in the upcoming sessions.
• Until now, we still suggest moving sideways until the price manages to breach one of the mentioned levels, reminding you that surpassing the resistance will push the price to achieve new gains that reach 1.3700$, while breaking the support represents negative factor that will lead the price to achieve new correctional targets that start at 1.3440$ and extend to 1.3390$.

Expected Outcome

The USDCAD price remains within a sideways range, with resistance at 1.3606$ and support at 1.3505$. Stochastic indicators are showing negative signals, suggesting a potential decline in the upcoming sessions. It is advisable to wait for a clear breach of either level for further directional cues. Surpassing the resistance could lead to new gains towards 1.3700$, while breaking the support may trigger a correction towards 1.3440$ initially, extending to 1.3390$.

Expected Trading Range

Between 1.3530$ support and 1.3670$ resistance.