The USDCAD price touches the first target – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:09AM UTC
USDCAD Price Analysis
Expected Scenarios
- The USDCAD price managed to touch our first target at 1.3620$ and found solid support there, to show some bullish bias and test the EMA50 that forms good resistance that meets 1.3705$ level, accompanied by stochastic loss to the positive momentum clearly and reach the overbought areas.
- Therefore, these factors encourage us to suggest the bearish rebound in the upcoming sessions to resume the bearish wave that its next target reaches 1.3565$, noting that breaching 1.3760$ will lead the price to resume the main bullish trend within the bullish channel that appears on the chart, to head towards testing 1.3845$ initially.
Trading Range for Today
- Support: 1.3600$
- Resistance: 1.3740$
Trend forecast: Bearish
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