The USDCAD price under the negative pressure – Forecast today - 10-05-2024

USDCAD Price Analysis

Expected Scenario

The USDCAD price continued its decline, breaking the 1.3705$ level and settling below it, indicating the continuation of the domination of the intraday bearish trend. However, stochastic shows clear positive signals that might assist in pushing the price to recover.

The contradiction between the technical indicators suggests staying aside until a clearer signal for the next trend emerges. Breaking the resistance at 1.3760$ will lead the price to resume the main bullish track towards 1.3840$ as the next main target. On the other hand, breaking the support at 1.3620$ will push the price out of the bullish channel, turning it to decline and targeting 1.3565$ followed by 1.3480$ areas as main negative stations.

Expected Trading Range for Today

Between the support at 1.3615$ and the resistance at 1.3760$