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HomeLatestUSDCAD Price Loses Momentum: Forecast for July 8, 2024
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USDCAD Price Loses Momentum: Forecast for July 8, 2024

USDCAD Price Analysis

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The USDCAD price extended its decline throughout the previous Friday, reaching the anticipated target level at 1.3590$. Currently, the price displays a temporary bullish bias, with stochastic indicators losing positive momentum and entering overbought territory. This scenario is expected to prompt a resumption of the correctional bearish trend, targeting the next support level at 1.3515$.

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The ongoing bearish outlook is reinforced by the formation of a double top pattern, evident on the chart. Sustaining trading below the key resistance level of 1.3690$ is critical to validating further downside potential and achieving the projected targets.

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Expected Trading Range

The expected trading range for today is between a support level of 1.3560$ and a resistance level of 1.3700$.

Trend Forecast: Bearish

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