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USDCAD Faces New Negative Pressures Amid Uncertain Market Conditions

by Jennifer

USDCAD Price Analysis – July 3, 2024

The USDCAD pair experienced a significant downturn yesterday, dropping below the key level of $1.3690, which signals potential negative pressure in the sessions ahead. Despite this, the stochastic oscillator shows positive signals that could indicate a possible price recovery.

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Given the current market volatility, it is prudent to wait for the price to confirm its stance relative to the $1.3690 level before taking any positions. If the price remains below this threshold, it is likely to test the next correctional target at $1.3590. On the other hand, if the price breaches and consolidates above $1.3690, it could target $1.3785 and potentially $1.3845.

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Expected Trading Range

Support: $1.3610

Resistance: $1.3750

Trend Forecast: Neutral

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