The USDCAD price resumes the decline – Forecast today - 26-04-2024

USDCAD Price Analysis

Expected Scenario

• The USDCAD price bounced bearishly after testing the 1.3705$ level, supporting the continuation of the expected bearish trend on the intraday basis.
• Targets are set at 1.3620$ followed by 1.3565$ levels as the next main stations.
• The current decline is viewed as temporary, with expectations of a bullish rebound to resume the main bullish track after achieving the mentioned targets.
• The price is moving inside a bullish channel, supporting the chances of continuing the bullish trend on the short-term and medium-term basis.
• Breaching 1.3760$ will halt the current negative scenario and lead the price to rise without achieving the suggested negative targets.

Expected Trading Range

Between the support at 1.3580$ and the resistance at 1.3710$.