Current Overview: Yesterday, USD/CAD dipped to a low of 1.3470 before recovering slightly, closing the daily candle at 1.3510. Today, the pair has shown a slight upward trend, currently trading around 1.3520.
USDCAD Technical Analysis:
- 4-Hour Chart: The price is above the 50 EMA, suggesting ongoing bullish momentum.
- 1-Hour Chart: Both the 50 and 200 EMAs are aligned near the 1.3500 level, which may act as short-term support.
USD CAD Forecast today: We expect the market to continue its upward movement, with the potential to reach the 1.3570 level. Following that, the next resistance target could be around 1.3610.
Key Levels:
- Support: 1.3500 (50 and 200 EMAs)
- Resistance: 1.3570, then 1.3610
Caution: If the price drops below 1.3460, it could indicate a shift into a downward trend, though this scenario appears less likely at this time.
Overall, the bullish sentiment seems to dominate for today.
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