The USDCAD price completes negative pattern – Forecast today - 22-04-2024

USDCAD Price Analysis

Expected Scenario

• The USDCAD price returned to decline to break 1.3760$ and settle below it, completing the formation of a head and shoulders’ pattern.
• We expect this pattern to push the price to achieve bearish correction targeting 1.3660$ followed by 1.3620$ in the upcoming sessions.
• The bearish bias will be expected for today, with breaking 1.3705$ easing the mission of achieving the suggested targets.
• However, breaching 1.3760$ represents a positive factor that will stop the current correctional pressure and lead the price to resume the main bullish track again.

Expected Trading Range

Between 1.3640$ support and 1.3780$ resistance.