The USDCAD price reaches the target – Forecast today - 16-04-2024

USDCAD Price Analysis

Expected Scenario

• The USDCAD price continues to rise to reach the thresholds of the awaited target at 1.3825$, and we expect the continuation of the bullish bias on the intraday and short-term basis to achieve additional gains that reach 1.3900$ barrier as a next main station.
• Therefore, the bullish trend scenario will remain valid for the upcoming period, it might be preceded by some sideways fluctuation affected by stochastic negativity, noting that breaking 1.3760$ will put the price under temporary correctional bearish pressure before turning back to rise again.

Expected Outcome

The expected trading range for today is between 1.3750$ support and 1.3890$ resistance.