The USDCAD price rebounds bearishly – Forecast today - 09-04-2024

USDCAD Price Analysis

Expected Scenario

The USDCAD price rebounds bearishly after testing the 1.3606$ level in the previous sessions, heading towards a potential test of the sideways range’s support line at 1.3505$. This keeps the sideways bias dominant on the intraday basis until the price manages to breach one of these levels and detect its next targets clearly.

Note that the continuation of the decline and breaking the mentioned support will push the price to target 1.3440$ followed by 1.3390$ levels as next correctional stations, while breaching the resistance represents the key to resume the main bullish track and head to visit 1.3700$ areas as the next main station.

Expected Trading Range

Between the support at 1.3500$ and the resistance at 1.3650$