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The USDCAD price tests the support – Forecast today - 16-10-2024
The USDCAD price bounced downwards clearly after approaching our first extended target at 1.3850$, to test the key support 1.3765$, noticing that stochastic got rid of its negative momentum to enter the oversold areas, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which its targets extend to reach 1.3946$ areas on the near-term basis.
The EMA50 supports the expected rise, which will remain valid unless breaking 1.3765$ and holding below it.
The expected trading range for today is between 1.3710$ support and 1.3850$ resistance.
Trend forecast: Bullish
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