The USDCAD price is recovering – Forecast today - 08-05-2024

USDCAD Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• USDCAD price traded with clear positivity by the end of yesterday’s trading, breaching 1.3705$ and hinting at heading to resume the bullish trend within the bullish channel
• The cancellation of the negative effect of the double top pattern suggests a move towards achieving expected gains on the intraday basis, targeting visiting the recently recorded high at 1.3845$ initially
• Bullish bias is suggested for today
• Breaching 1.3760$ is required to ease the mission of achieving the expected rise
• Breaking 1.3705$ will put the price under negative pressure again, heading towards visiting 1.3620$ areas before any new positive attempt

The USDCAD price traded with clear positivity by the end of yesterday’s trading, breaching 1.3705$ and hinting at heading to resume the bullish trend within the bullish channel. The cancellation of the negative effect of the double top pattern suggests a move towards achieving expected gains on the intraday basis, targeting visiting the recently recorded high at 1.3845$ initially. Therefore, bullish bias is suggested for today. Breaching 1.3760$ is required to ease the mission of achieving the expected rise. Breaking 1.3705$ will put the price under negative pressure again, heading towards visiting 1.3620$ areas before any new positive attempt.

Expected Trading Range

1. Support: 1.3700$
2. Resistance: 1.3825$

Trend Forecast: Bullish