The USDCAD price under the negative pressure – Forecast today - 29-03-2024

USDCAD Price Analysis

Expected Scenario: Bearish Trend

• The USDCAD price traded with clear negativity, nearing the $1.3505 level.
• This suggests a potential return to the correctional bearish track.
• Breaking the $1.3505 level will confirm the continuation of the bearish trend towards $1.3440 as the next negative station.
• Therefore, the bearish bias is expected for today, supported by moving below the EMA50.
• Note that breaching $1.3606 will invalidate the expected decline and may lead to a resumption of the main bullish trend.

Expected Trading Range for Today

• Support: $1.3460
• Resistance: $1.3600

Trend Forecast: Bearish