The USDCAD faces solid support – Analysis - 24-03-2023
The USDCAD pair found solid support base at 1.3650, to rebound upwards clearly and test the descending triangle’s resistance that its signs appear on the chart, keeping its consolidation below this resistance until now, accompanied by stochastic loss to the positive momentum clearly.
Therefore, we believe that the chances valid to decline again and head to attack the above mentioned support line, in attempt to open the way to continue the expected bearish wave on the intraday basis, which its next main target located at 1.3500, noting that breaching 1.3720 will lead the price to build new bullish wave that its targets begin at 1.3815 followed by 1.3860.
The expected trading range for today is between 1.3640 support and 1.3780 resistance.
The expected trend for today: Bearish
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