The USDCAD price surpasses the resistance – Forecast today - 22-03-2024
Economies.com
2024-03-22 02:48AM UTC
The USDCAD price traded with strong positivity to breach 1.3505$ level and settles above it, to hint the attempt to return to the bullish trend, but we notice that the EMA50 forms good resistance against the price, accompanied by stochastic loss to the positive momentum and reaching the overbought areas.
Therefore, these factors encourage us to suggest the bearish bias for today, and the price needs to break 1.3505 to confirm heading towards 1.3442$ as a next negative station, taking into consideration that consolidating above 1.3505$ will push the price to achieve additional gains that reach 1.3606$.
The expected trading range for today is between 1.3440$ support and 1.3580$ resistance.
Trend forecast: Bearish
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