The USDCAD price keeps rising – Forecast today - 17-04-2024

USDCAD Price Analysis

Expected Scenario

• The USDCAD price provided additional positive trades to touch the awaited target at 1.3825$ and attempts to breach it, facing solid resistance formed by the bullish channel’s resistance line. It might show some temporary bearish bias before turning back to rise again.
• The price needs to breach 1.3835$ to confirm extending the bullish wave towards 1.3900$, which receives continuous support from the EMA50. Holding above 1.3760$ is important to continue the expected rise. Breaking it will push the price to achieve some bearish correction, possibly heading towards 1.3705$ followed by 1.3660$ initially before any new positive attempt.

Expected Trading Range

Between 1.3750$ support and 1.3890$ resistance.