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HomeLatestUSDCAD Price Heads Towards Support: Forecast for June 19, 2024
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USDCAD Price Heads Towards Support: Forecast for June 19, 2024

USDCAD Price Analysis

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The USDCAD price is currently experiencing new negative pressure, having broken below the support line of its bullish channel. This movement suggests a potential test of the crucial short-term support at $1.3690. Despite this, the stochastic indicator is currently showing positive signals, which could potentially motivate the price to rise again.

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Expected Scenario

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The bullish trend scenario remains valid for the upcoming period, with a target set at $1.3845 as the next station. However, breaking below $1.3690 would likely lead the price downward towards the next correctional level at $1.3590.

Expected Trading Range for Today

  • Support: $1.3660
  • Resistance: $1.3790

Trend Forecast: Bullish

The USDCAD pair is expected to maintain its bullish trend, with technical indicators supporting potential upward movement despite the current test of support levels.

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