The USDCAD price draws negative pattern – Forecast today - 03-05-2024
Economies.com
2024-05-03 03:36AM UTC
USDCAD Price Analysis
- The USDCAD price shows a bearish bias, testing the minor support at 1.3660$.
- Continued decline is expected to reach negative targets at 1.3620$ and 1.3565$.
- Chart analysis indicates the formation of a double top pattern, suggesting a potential break of the bullish channel’s support line and further decline in the longer term.
However, breaching 1.3760$ would invalidate the bearish scenario and signal a potential attempt to regain the main bullish trend.
The expected trading range for today is between 1.3580$ support and 1.3720$ resistance.
Trend forecast: Bearish
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